All Forums  archive  Forum Questions  I'd like to ask a couple of questions about the acteal process of bankruptcy

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by kissinger[/i] [br]I'd like to ask a couple of questions about the actual process of bankruptcy. The first relates to how the OR calculates your income. I work, but my income over the course of the year fluctuates a lot. Some months I'll earn more than I need to pay for all of my expenditures, in other months I won't earn enough to pay for my expenditures. However, over the course of the year, my income is just enough to meet all of my expenditures. At the point at which I plan on declaring bankruptcy, my income will be higher than it usually is, but a few months after that it will drop down and be lower than usual. With this being the case, will my OR take this into account when deciding if I need to pay into an IPA, or will he or she require that I pay into an IPA simply because my initial montly income is more than my intial monthly expenditures? I.e. Will they work determine my eligibility for an IPA based on what my income will be for the whole year, or will it be done on a month by month basis? Secondly, if you declare bankruptcy and are required to pay into an IPA, what happens if your circumstances change and you can no longer afford to pay into an IPA? Would the IPA be discharged and, if so, if I was then discharged from bankruptcy, would that leave me free of any further obligations? Thanks in advance. -Jake. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.