How long before discharge?

Bailesy27

I want to try and establish generally how long it takes to get discharged, so I would appreciate everyone who reads this just letting me know how long they went through it?

Also, what are the chances of getting an IPO/ IPA thingy?

Sunk

I was discharged after 5months so pretty early.
With regards to an IPA I couldn't say as I haven't seen your I&E or know what the OR has/has not allowed.
How far down the line are you?

k2nga

Well officially you will be bankrupt for 12 months but if you are lucky you may get an early discharge but there is really no way of knowing if or when you might get an early discharge.

With IPA and IPO again it depends but usually is after all your monthly allowed deductions if you have over £99 surplus they will want to put one on you.

Bailesy27

Hi there,

Still looking into it. We have a limited company to wind up first and just decieding whether to try and close it down properly or put it into liq.

Hoping not to get an IPO - what is the criteria?

Any advice?

deedee_3

Your bankruptcy lasts for 12 months, though if yours is a simple case and the OR is not to busy you may be put forward for early discharge.

If you have a surplus of £99 after all household expenses have been taken into account then you will not get an IPA. Also if you get child benefit then that is ignored for the purposes of an IPA. An IPA lasts for 36 months and can be adjusted up, down or suspended if your circumstances change.

Bailesy27

Fab, thanks