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How much are a retired couple allowed to live on if bankrupt? |
Submitted on: 10th Feb 2010 by Non-Member | Total Answers: 1
We are both 65 and retired. My wife is registered disabled with Pakinsons Disease and also has diabetes, Glaucoma, Asthma and other health issues. I'm her carer and have health problems as well.
We're 2 years into a joint IVA paying £970 per mont but I had to stop payments in November 2009 when I retired, as there was not enough money to pay it. Our IVA supervisor has recommended bankruptcy but I would like to know how much we would be expected to live on considering my wifes state of health.
I have asked our IVA Supervisor for a beak in payments until I could get a part time job so that I could pay the IVA, albeit with reduced payments.
We had to move house last year into rented accomodation, as the flat we occupied while I worked was tied to my job. We are, therefore, still settling in and I have not been able to find work yet. It is because of this, and because of our health problems, that our Superviser suggested bankruptcy. We are with the IVA Bureau and our Supervisor is Melanie
Re: How much are a retired couple allowed to live on if ...
You really need to address this question in the first instance to your supervisor since they have much a more in depth knowledge of your situation than I do.
However if your supervisor is recommending bankruptcy; you have health problems and are in receipt of benefits, it is likely you wouldn't have to pay anything back in bankruptcy.
Obviously there are consequences to bankruptcy which would have to be explained to you by someone fully aware of your circumstances.
If you want a proper second opinion contact either the Citizens Advice Bureau or the Debt Advice Foundation.
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