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The Bankruptcy Service Case Study Example: Bankruptcy And Properties With Multiple Owners

The following bankruptcy case study is a fictitious example, designed to help you understand working situations where bankruptcy is and isn't appropriate.


A look at taking a holiday after bankruptcy.


I am finally about to enter employment, after a tough few years. I feel I deserve, and have earned, a small reward in the form of a break, and was wondering what the rules are for a bankrupt for going on holiday this summer? Is it allowed, or will I get in trouble?


Yes, you can go on holiday, without feeling guilt over doing so - as long as the costs involved are reasonable, and you are not seen as being extravagant. You are legally permitted to budget for such an event in your “statement of affairs”, and roughly, £20 per month per adult and £10 per month for a child is seen as a reasonable amount. It’s important to remember that a bankruptcy is not a punishment, and whilst sacrifices clearly need to be made during a bankruptcy, you are still expected to live to a respectable standard.



Free debt counselling and advice is also available from the Money Advice Service available at: www.moneyadviceservice.org.uk

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