After Bankruptcy
Naemoney
Posts: 16 Forumite
Hi Forum,
I've just been declared bankrupt so I've got 12 months to get through before discharge.
My question is at the moment I'm not working so don't have to make contributions to my debt but even after discharge I will still be expected to pay something for 48 months if say I started working, does that come to an end after 48 months or do I have to keep paying until the debt is paid off?
Thanks,
Naemoney
I've just been declared bankrupt so I've got 12 months to get through before discharge.
My question is at the moment I'm not working so don't have to make contributions to my debt but even after discharge I will still be expected to pay something for 48 months if say I started working, does that come to an end after 48 months or do I have to keep paying until the debt is paid off?
Thanks,
Naemoney
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Comments
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They can only set up an ipa/ipo within the 1 year of the date of bankruptcy. After that 1 year has passed then they can't. I am sure Someone will be along with a more definite answer soon though0
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haggis0073 wrote: »They can only set up an ipa/ipo within the 1 year of the date of bankruptcy. After that 1 year has passed then they can't. I am sure Someone will be along with a more definite answer soon though
That's pretty much right. If the OR has not set an IPA by the time you are automatically discharged in 12 months - then no matter how much you earn after that - you will not be expected to pay anything. An IPA is for those who have 'surplus' income during the 1st 12 months. However, if an IPA was set within the 12moths and you subsequently lost your job, then the OR can come back and ask for contributions until you have made a total of 36 payments. IPA amounts can be varied depending on whether income rises or falls.0 -
TheGardener wrote: »then the OR can come back and ask for contributions until you have made a total of 36 payments.0
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haggis0073 wrote: »So in theory could that go on longer than 3 years?
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
If you can avoid being in work for the next year it will save you having to have an IPA. I was fortunate enough to avoid an IPA.
There are circumstances where IPA's can be extended. These are usually to do with fraudulent behaviour, although someone else with more knowledge of this maybe able to expand.0 -
I have a month left before I am released from BR and I have been working for most of it.
My income is equal to more or less the total amount of my expenses and therefore I have no disposable income. Because of this, the OR has not been able to impose an IPA.0 -
I have a month left before I am released from BR and I have been working for most of it.
My income is equal to more or less the total amount of my expenses and therefore I have no disposable income. Because of this, the OR has not been able to impose an IPA.
Hi,
Good to know about the work situation, As I've not been working for a while any job I got would be possibly minimum wage so I doubt I would have disposal income!
But as I say it's something to keep in mind.
Cheers,
Naemoney0 -
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I didn't get an IPA and I worked all through my bankruptcy. My outgoings were quite high though and I didn't even list all of my expenses.
:j :j
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