Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By chris12
#1720 The IPA is something I cant stop thinking about. I am going to declare bankruptcy in a couple of months. Does anyone know what level of spare income will constitute an IPA?

For example, I have worked out that my available income after everything is paid is about £250. Is this likely to be thought of as available for an IPA?

Also, does anyone have any suggestions and how to lower my excess income on the income and expenditure form to try and limit any IPA???

Many thanks guys!!
BySonic
#1730 On the subject of IPA, if you go B, does anyone know whether the OR would compare the I&E details you give to be the same as those submitted for a DMP?

I ask because there seem to be differing views as to what is or is not 'acceptable' for expenditure. For example the national debtline guidelines suggest a small ammount per month set aside for 'emergencies' is reasonable, but some DMCs (even ethical ones) won't allow this.

I've no intention of trying to 'con' anyone, but I think I am paying slightly more on the DMP than I can really afford, and if I were to go be there's no way I could borrow any money from anywhere if I got stuck, so would want to be slightly more generous.
By keepchinup
#1736 It's my belief that if you enter a DMP or IVA you will "get away" with less in terms of contingencies for those little extras - basically because the creditors have to vote and the majority verdict wins.

The Official Receiver is his/her own boss - within certain quite wide guidelines - and also a possibly because they're a little more human. What he/her says goes, end of story.

good luck