Bankruptcy and official receiver

Jojopa123

I just thought they could do a ipa when i go back to work

worriedmamma

My understanding is that an IPA has to be set up within your bankrupt year. When would you be going back to work?

If I were you I'd work out your income & outgoings now whilst on Mat leave and then try to work out the same if you were working, only surplus money can be taken for an IPA, are you definitely going back to work after Maternity leave?

Jojopa123

Before inwas esrnjng 1500 a month giving hubby 500 towards bills rhen paying for food etc. Im on sta mater now i wll.be giving him the same
Next may i will.go back only part rime about 800 a month i will.be earning or less.agter tax but i will.have childcar as well out of that

luvchocolate

You can only declare what you are earning as you fill in the forms, an I.P.A can only be set up prior to discharge.
If you return to work or any changes in your circumstances within that first year you must inform the O.R.
If on an I.P.A any changes within the 3 year period it runs must also be reported.

Jojopa123

Hi so i am now just on stat maternity so thsts what i will have to put down as i only received a few wees compant maternity pay. I will be going back to work in may i take it iwould just ring the or to rework my outgoimgs.

Im crapping myselg going bankrupt as scatef the or will judge me. Like say aslways been in deot just stupid with money.

Wat bru could they slap me with

ukamber1

Jojopa123 wrote: »

Hi so i am now just on stat maternity so thsts what i will have to put down as i only received a few wees compant maternity pay. I will be going back to work in may i take it iwould just ring the or to rework my outgoimgs.

Im crapping myselg going bankrupt as scatef the or will judge me. Like say aslways been in deot just stupid with money.

Wat bru could they slap me with

As mentioned, I'm no expert but I really cant see them slapping a bru on you. Going off the details you have mentioned in the thread, I think your case should be straightforward...Yes, it is a very big thing to do, I think all that have gone bankrupt would agree, its scary at first but once you've done it, you will feel alot of the pressure has gone....its the unknown that is so difficult and the last thing you need to worry about it what people think....most people wont even know unless they go looking and those friends/family members that do, love you and support you so should never judge....stay positive!

worriedmamma

You fill in the forms with your earnings right now, and then when you return to work in May you'd have to inform the OR of your new earnings and outgoings. However with a family, house hold spending and childcare, I'm sure you won't have any surplus income and therefore will not get an IPA. It depends on your situation though. Speak to Stepchange or NDL. I was really hesitant to press the send application button on my BR application, I felt terrified but ever since I did a massive weight has been lifted.

Jojopa123

Thank you to each and every one of you. Been to the cab they were amazing like yous have been x