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Salary after BR and before IPO
couliz
Posts: 7 Forumite
Hi Guys
Husband and I went BR on 23 July. We still have not received any info regarding our ipa payments. How long do you wait untill you start paying and do you have to account where your money has gone in the interim. At the moment I am scared to spend anything.
Husband and I went BR on 23 July. We still have not received any info regarding our ipa payments. How long do you wait untill you start paying and do you have to account where your money has gone in the interim. At the moment I am scared to spend anything.
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Comments
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Hi Couliz, lets seperate this into 2 parts.
1. extra income from Nil Tax. This is not your money and so should not be spent until the OR has said that they are not going to collect it.
2. Surplus Income. The IPA usually takes 2-3 months to set up but can be set up at any point before discharge. It will last for a maximum of 36 months from the point that it is set up (not the bankruptcy) and so the OR will not ask you to account for income prior to the IPA being started. This means you can do as you wish with this money, perhaps start a saving jar for when thise unexpected things come upHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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