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| T O P I C R E V I E W |
| BankruptC |
Posted - 29 July 2008 : 18:02:35
Hi again,
Could someone clarify what happens to bonuses received before discharge and the two years after if you get an IPA.
Thanks,
I |
| 6 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 29 July 2008 : 22:55:10
Hi Ians,
It would very much depend on your level of disposable income, anything from 50-70% as a rule.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| BankruptC |
Posted - 29 July 2008 : 22:47:07
Hi Brett,
Do you know how much of the bonus they take or is it all of it?
Thanks,
I |
| Helpful Advice |
Posted - 29 July 2008 : 22:44:03
Hi guys,
they would know via the tax office and tax paid against the bonuses
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| WINCHESTER78 |
Posted - 29 July 2008 : 22:26:16
HOW WOULD THE OR KNOW ABOUT YOUR BONUS? |
| BankruptC |
Posted - 29 July 2008 : 19:30:26
Thanks Assist,
My bonuses are not at all guaranteed, in fact it's partly because they went back on their bonus promise this year that we find ourselves in this position now!
So if/when I get a bonus and we're in an IPA, we inform the OR and then do they take all of it, or a percentage? |
| John |
Posted - 29 July 2008 : 19:22:18
Bonuses whilst in bankruptcy must be disclosed to the OR. After discharge, but in an IPA/IPO, the bonus must still be disclosed as it is part of your income (Income Payment Agreement - IPA) which lasts for 3 years.
However, if discharged and in an IPA, a windfall such as lottery win or inheritance is yours to keep as it is not income.
Assisting where I can. |
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