BR Question:IPA

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Farmer_jones
Farmer_jones Posts: 27 Forumite
First Anniversary Combo Breaker
in Bankruptcy & living with it
Hi all

I am considering bankruptcy as an option to my debt problems.

I have some questions, around IPA.

How long (maximum) can an IPA last ?
Are you still "bankrupt" during the duration of the IPA ?

Currently I don't have much spare cash after I have paid a mortgage, although I guess the OR will sell the house to release the equity.

This then means I am "mortgage free" and have more spare cash to go to pay my debtors, hence the Q's .


Any advice gratefully received..

Comments

  • silvercar
    silvercar Posts: 46,968 Ambassador
    Academoney Grad Name Dropper Photogenic First Anniversary
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    Generally an IPA lasts 3 years. You would usually be bankrupt for 1 year.

    Of course if you have no mortgage you will have rent, so best to calculate whether you will be better off.
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