Author Topic: bankrupcy allowances  (Read 3727 times)

patchsteven

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bankrupcy allowances
« on: Jun 16, 2020, 02:42:49 AM »
does anyone know if the living expenses allowed in bankrupcy are more generous than in an iva and secondly although in my expenses ive allowed for child maintenance payments to my ex but sometimes the children stay at my house ( 52 nights a year) so will the OR in bankrupcy increase my food expenses above what i would normally get for those that live with me all the time.
i ask these questions because im currently 1 year into an iva and for various reasons its not working out so im thinking of failing iva and starting a bankrupcy but i dont want to find myself in a situation where the OR actually gives me less allowances than the iva.
 

Scrooge

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Re: bankrupcy allowances
« Reply #1 on: Jun 26, 2020, 08:03:30 PM »
They should take into account your full costs including caring for children. However, beware of bankruptcy, you could lose all your assets including your house and car if you own them. If you don't own many assets, bankruptcy could be a good option depending on the size of your debt.