63a1 notice and new ipa

reallystressed

Hello My hubby was made bankrupt in July 2013 ..we live in a jointly mortgaged property with our 3 kids at the time of br there was approximately 15,000 equity in the home after mortgage which obvs hubby's half would be approximately 7,500
The official receiver said they would need to give us a years notice if they wanted to sell property .
Today we have received a notice from or called 63a section 283a(1) I don't quite understand it it just details that they are giving us notice that they have registered on land registry and tells us they have until July 2016 to serve notice or something ?
Does this mean they are going to sell the house ?
It did explain they have options to realise interest sell or vest back or place a charge or come to an agreement regarding hubby's liability ?
Also he was on a nil tax ipa as there was not surplus income
We have been given a ipo q form to fill out new income and expenditure
He had a pay rise in November which we informed or about and she said she would send a new income expenditure out but she hadn't up til now although he had rang to remind her we didn't receive it .
He works on basic wAge with overtime and in dec had a really huge overtime bonus and we informed the people who we pay the ipa to they still told us to pay same amount as it was fixed also we told or which was why she said she would send new form out .
I am worried as when we did our income and expenditure we were told hubby was allowed to earn a certain amount before paying surplus and this month just gone he earned over that amount by about £200 but because we had previously informed the company who we pay ipa to before and they had not asked for extra I just left it . I also knew we were doing a new income and expenditure in April so I left it but obviously that is on a nil tax code so if he were not it would probably even out ? Also the two months previous to that he earned less so would it average out ok ?
How do I work out his new income and expenditure ? As I have to fdo it for the last 3 months so when I put down what he earned do I put all the earnings before the nil tax code ipa was taken off ? And does that become an expenditure ?

debt_doctor

Hi,


To take the last point first, As the NT IPA is collecting the tax element, this should be ignored for any questionnaire relating to a standard IPA.


With the property, the notice informs you of the position of a dwelling house in bankruptcy - it is not a notice of intention to sell your home.


The OR has 3 years from the BR date to 'decide what to do' with your house. The position will be looked at 2 yrs 3 months past BR date and at that point (depending on valuation) any of the following could happen;
the house be given back to the BR - highly unlikely as there is (now) £7.5 k equity.


An offer is made by you or someone else to purchase ORs interest.


If BRs equity is £10k or less then a charge is likely to be put on property rather than sale.


The more the BRs equity is over £10k, the more likely the property will be sold.


DD