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T O P I C R E V I E W
pix1
Posted - 31 October 2008 : 20:07:49 If you are a bankrupt sole income earner in a family of 4 and earning £1550 per month net would it be likely to be considered unreasonable by the OR that your essential outgoings are within £10 of that net monthly income figure? Are you likely in that scenario to end up with just a NT IPA/IPO for the current tax year of the bankruptcy or would the OR aim to dispute your outgoings in order to obtain an increased IPA/IPO payment from you and make it last 3 years?
Can anyone advise me on this? Also has anyone on the forum ended up in an IPA/IPO for 3 years?
3 L A T E S T R E P L I E S (Newest First)
pix1
Posted - 01 November 2008 : 06:13:27 John.
thanks for your reply.
yes! I know all about declaring BR just before the end of the tax year to avoid a nil tax code and tried to persuade my wife to go BR at end of March but she insisted on waiting to end May. Actually I was already BR but am earning nothing and being supported by my wife.
Its complicated things that we did not go BR on the same day.
BankruptC
Posted - 31 October 2008 : 22:08:48 We've got an IPA, which we'll pay for 3 years unless anything changes. We knew we'd have one though, and of course it's ALOT less than we were trying to pay before!! :-)
C. x
John
Posted - 31 October 2008 : 21:09:28 Hi
generally speaking an expenditure level of £1550 for a family of 4 is reasonably low. In view of this and the £10 disposable income figure you are unlikely to get an IPA proposed.
As you rightly say, you may well receive an NT/IPA. You will almost certainly avoid that too if you declare bankruptcy between mid December and the end of March as it takes too long to set up.
