Quick bankruptcy question
Suppose a person has zero disposable income after RLEs are applied - this qualifies them for bankruptcy as there is no money available for a PIA.
So when declared bankrupt ,I assume there is no payment order - after 12 months has passed I assume you are reviewed at the end of that 12 month period. If your circumstances have not changed during that time , are you discharged from bankruptcy and no payment order imposed as there is current no disposable there ?
So for example if your circumstances changed 18months from the date you were declared bankrupt , there still wouldn't be a payment order as you've already been discharged ?
Second question - how long does it take for a bankruptcy to start ? If one goes about filing say next week - how long approx before your 12 months can actually start running ?
Suppose a person has zero disposable income after RLEs are applied - this qualifies them for bankruptcy as there is no money available for a PIA.
So when declared bankrupt ,I assume there is no payment order - after 12 months has passed I assume you are reviewed at the end of that 12 month period. If your circumstances have not changed during that time , are you discharged from bankruptcy and no payment order imposed as there is current no disposable there ?
So for example if your circumstances changed 18months from the date you were declared bankrupt , there still wouldn't be a payment order as you've already been discharged ?
Second question - how long does it take for a bankruptcy to start ? If one goes about filing say next week - how long approx before your 12 months can actually start running ?