tad_admin Staff asked 6 years ago
2 Answers
answered 6 years ago

As part of the bankruptcy process your income and expenditure will have been assessed and the Official Receiver will have calculated whether there is sufficient disposable money to set up an Income Payment Arrangement. This usually happens if there is £20 or more left over each month. As part of your budget you will have looked at the money you need to cover essential living costs and some things may require you to set aside money each month for a payment that is only required annually, car insurance or service and MOT costs perhaps. So it will be necessary to save for this and then pay when due. Setting money aside and saving are things that are necessary during your bankruptcy.

answered 6 years ago

It would be advisable for you to speak with your Trustee/Official Receiver who is
Administering your bankruptcy to establish how much savings you are allowed to have.

If you have been given an income payment order it is unlikely that you will be able to
save a significant amount.

This question has been answered by CAP UK, a leading debt charity offering hope and a solution to anyone in debt.