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

Moderators: TalbotWoods, JaneClack

By Colorado41
#1908 I went Bankrupt in April 2003, so will be discharged on 1st April 2005.
I have being paying IPA from the start, i believe i wrongly presumed that on the discharge date that would be it, but having read quite a few posts it looks like i will be paying until 2006 is this correct ? The Insolvancy people have been fairly harsh and means i am doing a lot of overtime to be able to have some sort of social life. I have threatened to stop but it was ignored, the thought of 18 more months of working most weekends does not fill me with glee.
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By JaneClack
#1913 Yes an income payments arrangement or order lasts for three years!
Also if you are doing overtime you should be letting the OR know as any increase in income should be noted within 21 days. This means that your IPA could increase which is the reason most people do not do overtime during the period of their bankruptcy - unfortunately the OR does not think of it as funding any kind of social life but as more money for the bankruptcy! It is an offence not to make him aware, as well I am afraid. If found out it could lead to a bankruptcy restriction order which may well extend the terms of the bankruptcy so don't risk it.