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BR Question:IPA

Farmer_jones
Farmer_jones Posts: 28 Forumite
Part of the Furniture 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: 50,463 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    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.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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