During bankruptcy will they assess my earnings every month?

mysterio_2

if your still undischarged then yes....as part of your bankruptcy obligations your required to inform the receivers office within 21 days of ANY financial changes in circumstances

debrag

For me I'd be claiming under LHA & JSA. If I got a job that meant I was liable for some or all of my rent (which is what I'm aiming for) is this taken into consideration as my available funds still wouldn't be great.

beentheredonethatstilhere

Yes they will take all your bills into account. If you get a job then obviously your benefits will cease or decrease, your travel costs will change etc. Just ask the OR for a new form and pop on here and we will help you with it. If you still have a surplus of more than £99 then you will have an IPA for 36 months, but this can still be altered up, down or suspended during this time if your circumstances change again.

From the Bankruptcy Help sticky, which I strongly suggest you read through.

Income Payment Agreements/Orders.

• IPO / IPA (Income Payment Orders and Income Payment Agreements) (IS)
• FAQ - Income Payment Orders / Agreements ( IPO / IPA ) (IS)
• OR's Case Help Manual - Income Payments Agreements (IS)
• OR's Case Help Manual - Income Payments Orders (IS)
• OR's Technical Manual - IPAs Assessment of real disposable income (IS)
• Nil tax (NT) coding/IPAs (MSE)
• Income Payments Calculator (Excel spreadsheet) (IS)

debrag

ah so a surplus of £99+ for an IPA and under £99 for BR.

I just don't want to get down to something like 6 months and get a job that would drastically change things.

I_luv_cats

When you go BR you have to sign data protection forms (and get them witnessed) so The OR can cruise the forms/systems of the HMRC (know how much you have earned etc.)

Your reasonable expenses will be considered by the OR and an IPA or IPO applied as per individual situation.

blokes2

hi,
i dont understand, a 99£ surplus after what?? every day expenses, ?? if i go bankrupt and i am not paying my creditors as i am at the moment, i could have over 175£ surplus after living expenses? but that goes down some months how will this affect bankruptcy

mike1966_2

blokes2 wrote: »

hi,
i dont understand, a 99£ surplus after what?? every day expenses, ?? if i go bankrupt and i am not paying my creditors as i am at the moment, i could have over 175£ surplus after living expenses? but that goes down some months how will this affect bankruptcy

Good point that can someone clear it up?

Mike

dreamcatcher73

the OR will look at your surplus income after taking into consideration all of your everyday living costs. If you have a surplus of £99 or more, you will be subject to an IPA which lasts for three years. If during this time your surplus increases or decreases you inform your OR and your IPA payments will change to reflect this..

The allowances on the SOA are quite generous, so you may be able to reduce your surplus by adding onto certain things..
There are some experts on SOA's on here, so post it up and someone will look and adjust as necessary

saveoursouls

sieve wrote: »

This might be way out of line and if it is I apologise but from the tone of the posts I get the idea you are trying to work out if you can get away with stuff. The answer is no - you will be found out if you try and hide anything.

And if one were to withdraw 20 grand knowing that they had no intention of paying it back then they would definitely get a BRU (bankruptcy restriction undertaking) and quite possibly be done for fraud too if the actions were malicious.

It's not an easy way to become rich, bankruptcy - think about it carefully.

apology accepted.. im screwed already.. house was repossed filing for bankruptcy now thanks to the credit crunch destroying all equity in house.. (a common cuase these days - i know) i just heared some bullcrap stories recently of people who did it intently and got away with it.

And to be honest.. i was thinking " i wish i i could of done that" :-) but obviously not.. it would rightly = prison.

guess ill have to think of another way to become rich hey "SIEVE" :rolleyes:

w-inthepoo

so where does this all stand with redundancy payments, I mean one hand a pile of money lands in your lap which the OR would have an interest in but on the other you would need that and were paid it so you can live on whilst looking for work etc..


oh and according to the big man in the us "bankruptcy is not a failure its a step on the way to revival" ok so thats chrysler but whats good for the goose..........