Bankruptcy questions

nervousmother

Although things sound simple and in many cases they are, you may have to pay into a income payments arrangement if your income is more than your outgoings.. fill in a statement of affairs. They can take up to 70% of any surplus income you have, this is after you have paid for everything that is allowed in BR. if your surplus is less than £99 per month you wont pay a IPA. If you do get one then it lasts for 3 years.
A NT tax code may be applied but if you go BR in the next 3 months you should not get one as there wont be enough time to impliment it.

nervousmother

http://www.makesenseofcards.com/soacalc.html

ianjameson

Do you fill this out as if you were repaying everything as your meant to or as the true state of affairs where many payments are stalled?

debtinfo

you fill it out as it will be the day after the bankruptcy order so you will have no debt repayments but all your normal household expenditure

ianjameson

ah thank you so much!!!

Really apreachate all the help guys, btw anyone have an idea what happens if I stay renting my house but have fuel arrears such as gas etc when I go br?

fiveyearplan

I believe they would fall to your OH to pay as she would have used them also, however not sure of the loopholes on this.

Keep reading as many threads as you can to get as much information as possible. Here is the SOA calculator referred to in the above posts. Fill it in and post it on this thread for advice.

http://www.makesenseofcards.com/soacalc.html

lee316

Hi IanJameson, re fuel arrears, they will be written off up to the date of BR, than they will give you another account number and start charging you from the date of your BR. That is what happened with us, but did hear of some people who had to change the supplier.
Just the word of warning regardig council tax, you might be in for a fight, we are going through that at the moment.

ianjameson

thanks for all the help guys! am getting help from the cccs at the moment but lots to do, big weight of my mind.