I'd really like some advice and your forum seem so helpful. I have so many questions I do apologise! Firstly, I should explain.
My partner has been made bankrupt in the past couple of weeks.
We live together in a rented house and we are not married. We are both young. I am in my late twenties and he in his early thirties. I have been very supportive of him and I am pleased he has been declared bankrupt.
His debt was unmanageable to the point that he was ill and this feels like the best option. We all have our own deamons and his just happened to be money. What we were quite foolishly unaware of was what the IPA entailed. After his telephone interview he was told he should pay £150 a month and any bonuses and payrises he receives there after for the next three years even after discharge.
I am currently training to be a dentist and therefore a student. to be able to afford to live I currently and very stressfully hold down a job as well as study which means I have an income of approximately £300 a month. The OR took this into consideration and decided my partner could afford £150 a month. Yet he pays for pretty much everything! My £300 is for me, to buy books and go home to see my parents.
If I gave up work would it be likely that the IPA would be stopped or reduced? What I also don't understand is the IPA pre and post discharge.
From reading through the posts I understand everything has to be declared all the time. I get it and I'm in agreement with it- honesty is always the best policy. But with regards to bonuses I am so confused by this.
Predischarge is the case that all my partner's bonus has to be handed over? Can there be any negotiation? For example we had thought we use it to pay the MOT and any repairs for the car (the car is mine, I bought it with my own money). Can we negotiate if the whole amount has to be handed over? And then post discharge, I read so many contradictory things about what we have to do about bonuses then.
Some class them as a 'windfall' and therefore we can keep it, or can they be negotiated again? I know he has to pay something, otherwise it wouldn't be fair. But where is his incentive to work hard to get the bonus if all of it just has to be handed over?
I just don't get the system! thanks in advance for all your help!