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

Moderators: TalbotWoods, JaneClack

By keepchinup
#2521 Hi, just wondered if anyone had any experience of what percentage of an annual bonus the OR would take if I received one whilst undischarged? I do have an IPA and that's at the higher end of the 50-70% of disposable.

If I got it, it would be sizeable, ie couple of months pay......nervous.
#2523 It's a difficult one as I think you know what is going to happen. The OR does have some discretion over 'one off' bonuses ( mine ignored it this year as it was quite small ) although as you have an IPA you obviously have a disposable income.

On a brighter note, do bear in mind that an IPA is relatively flexible so if your expenses have increased etc ( my mortgage has just gone up from 1st Jan - cheers ! )

Good luck - and try not to work so hard !
By Pineapple
#2525 I'm afraid you do have to inform the ORwithin 21 days and I imagine about 60% will be taken. On the positive side, if you petitioned after the beginning of April, you may soon be discharged. I was at the beginning of October. If you are discharged, then you won't have to declare it.