IPA agreement before discharge

amy_5756

Hello,

I just wanted to know what the likelihood is, if no surplus income IPA was set at the beginning of bankruptcy, is it common for the OR to apply one at a later stage? And what factors would cause this? 

Thanks

jayzor

It basically depends on if there are any changes to your circumstances. For example, if you got a new job and your income went up, it might be deemed you had enough money spare after reasonable living costs to contribute towards an IPA. Part of the rules of the bankruptcy state you need to let the OR know if there are any changes to your circumstances. They will then review this information to see if it changes anything. Worth noting an IPA can only be setup whilst you are undischaged. So after 12 months once you are generally discharged, if an IPA hasn’t already been setup, you are safe.