Changing jobs during bankruptcy

btl_dohnut

I'm currently employed and filing for personal bankruptcy this Wednesday after years of battling with myself.
On my current income I have approx £1500 spare money that will be tied into an Iva I assume, however I will be leaving this employment at the end of March, construction industry and contract finished. I have another job to go to that is a lot less paid, what are the timescales for an Iva after Wednesday bankruptcy and will I be tied into an Iva if there is no surplus?

Thanks for your response.

alastairq

Hi..it's an IPA, not an IVA, which is a totally different kettle of fish.

Once the BR petition is granted, any changes in [financial?] circumstances need to be reported to the Official Receiver within 21 days of occurrence.

If no surplus is identified from your SOA,then no IPA/IPO will be possible.

btl_dohnut

Thank you for a quick response, what is the usual timeline for a ipo\ipa to commence after filing for bankruptcy and the OR interview taking place?

Thanks

alastairq

An IPA ...which is an agreement,not an imposition......has to be agreed before the date of Automatic Discharge....[or Early Discharge, ]....

The IPA starts from the date of agreement [or, Order, if the OR goes to Court for one]...and lasts for 3 years from that date.

Payments are not back-dated, or anything...and can be varied up, down, or zeroed altogether should circumstances change.