Is Bankruptcy right for me?

Billy_Dandy

This matter is no longer in need of responses. Thank you to those who did reply.

flipflopflo

Hi and welcome to the board. First things first let’s have a look at your SoA. Fill it out honestly and how things are with your household finances are at the moment. Press the format for MSE button and copy and paste in this thread. 

https://www.lemonfool.co.uk/financecalculators/soa.php

Yours and your wife’s benefits will not be affected. 

An IPA is only put on your disposable income after your essential bills have been paid. In your case it will only be from your private pension. But let us see the SOA and we can see what is what. 

flipflopflo

Yep! Put the benefits under the benefits section. 

fatbelly

The only downside i can see is that you are likely to get a 3-year IPA from your occupational pension.

The alternative is a dmp, which would take a similar time.

How much per month is the occupational pension part of your income?

fatbelly

I can't see any point looking at an IVA. If you are going the insolvency route, bankruptcy is the one to go for.

I can't see that anything would jeopardise your state pension

The IPA is an Income Payment Agreement. If you don't agree then they would have to apply to court for an Income Payment Order, something they don't like to do. So there should be some discussion around how much surplus you have, On your present figures you have £1291, which would actually pay the debts off by a debt management plan in 28 months