Bankruptcy payments

Nperkins92

I'm currently in an IVA but due to start university in September. I feel the easiest option for me going forward is bankruptcy however, when looking into surplus income to pay into the bankruptcy what stands as income? I get 12256 a year in loans and grants via student finance and then will be entitled to UC as I am a single parent, I just wondered the liklihood of the bankruptcy payments stinging me as much as my Iva currently does, if they will take a lot off me it seems like I'm in a situation where I can't get myself straight.
I didn't know as a student with no job and a single parent that may mean as my income is low I would not have to pay in? Can anyone help. 

sourcrates

Hi,

If your income is made up of student loans and state benefits then an IPA would not be made under those circumstances.

You would simply wait out your 12 months until discharge.

How much debt did you have prior to the IVA  ?

If you stop paying your IVA, it will take at least a year for the IP to finalise and close your arrangement, so you don`t have to do anything in haste here.