When do you enter an IPA bankruptcy

sammy86

Hi all,
I am completely new to this so bear with me

My husband and I went bankrupt in march this year everything went well and we had our phone interview in April and I sent all the relevant info the insolvency needed. Now it's been just over 2 months since interview and we have not heard a thing. My question really is that when do you know if you you have to enter an IPA as I don't know if we have to or not we weren't told in the interview if we had any surplus income or not as the official receiver changed some of expenditure figures around a couple things went down and a few things went up and added on so I have no clue what they have our outgoings down as..

Any feed back will be greatly appreciated

freddy911

You wont fully know untill you are discharged as any circumstance changes at any time upto discharge could result in an IPA. Theres no rule as to how long the or takes to set up the IPA aslong as its done before discharge it just depends how long it takes for the receiver to get round to it. Mine was set up quite fast within a month, however my ex wife who went bankrupt at the same time didnt get told she had an IPA to pay untill 5 months later.

sammy86

Thanks guess I'll just have to be patient and play the waiting game. I know she started our report about a month ago as she rang me too see if I wanted to buy my asset back and that she would file for early discharge after the 3month period of creditors getting the report. So was just curious as nothing been mentioned about IPA

OutofDebt-NOT-OutofDanger

Hi,

Prior to your OR applying for ED you will receive an IPOQ (income & expenses) form to complete. It will be at this point you will know if an IPA will be applied.