Author Topic: General bankruptcy questions  (Read 21724 times)


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General bankruptcy questions
« on: Jan 17, 2019, 06:10:44 PM »
I am have done a lot of research on bankruptcy as I feel this is my only option left.
I have no assets and don't own my home.
Just my main question is how do they work out the monthly payment plan? When I have asked step change they told me I will be left with £0 for the month and every penny will go to them. At the moment for the month I am currently left with £120. Will they take that all ?


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Re: General bankruptcy questions
« Reply #1 on: Jan 17, 2019, 08:28:23 PM »
Is anyone able to reply and help me?


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Re: General bankruptcy questions
« Reply #2 on: Feb 13, 2020, 11:45:35 PM »
Hi, unfortunately there are some spamming idiots on this forum, hence the reply you got above. You refer to a repayment plan after going bankrupt. Most people who go bankrupt may not have any surplus income to contribute to a repayment plan. You say you have £120 a month surplus. Technically they could order you to pay all of that except £20. However, there is a huge list of expenses you can claim you have to pay which I'm sure you would be able to use to justify not being subject to any repayment plan.

How an IPA or IPO is worked out.

Normally, if you have more than £20 disposable income per month you'll be expected to pay it all as your IPA or IPO payment. So the more disposable income you have, the more you'll have to pay.

However, your disposable income is what's left after the reasonable day-to-day living expenses for you and your family have been paid. The official receiver will always consider your views about what is 'reasonable' or necessary spending for your circumstances, but these expenses would normally include: rent, mortgage, council tax, gas, electricity, mobile phone, food, car expenses, dental treatment, clothing, pets, vets fees, prescriptions, clothing, hairdressing,broadband etc etc.

I don't know your situation so can't advise if bankruptcy is your best option. It might not be. There is a lot of mis-information online. If you want to discuss further, give me a few more details here or you can send me a private message.  The details which would help me advise you would be: your income (including benefits),assets owned (including vehicles), savings, total debt owed, number of creditors, stages of debts - ie are they with collection agencies.