after bankruptcy

guineacat

once bankruptcy has been made are there any payments to be made to anyone or does it completely wipe out all debts

Merry_Gentry

All of the debts are included in your bankruptcy. You may get an IPA/IPO from your Official Receiver which will come out of any surplus you have, and go towards your creditors. Obviously, you need to pay your rent/utilities/council tax etc.

dalip

Yes it does up to point. The OR will look at your income and expenditure if after certain allowances you have a surplus income of £99 a % of your surplus will be paid for 36mths. This is called an IPA(Income Payments Agreement)which can be risen/dropped/suspended or dissolved at any time during those 36 mths if your income changes.D

guineacat

what percentage do they take from the surplus?

Merry_Gentry

I believe it's something like 50% but not absolutely sure

oneandonlyboy

It starts off at 50% going up to 75% as the upmost limit of anything over £99 there is a scale somewhere.I'm sure another member will have it

betterlatethannever

This is a table of IPA percentages that you can expect to pay on any surplus income:
1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME

50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70