|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| paulsc |
Posted - 22 March 2009 : 14:37:48
Would like to no where if possible where i stand with the surplas income rule which i have copied and pasted below with the following incomes:
War pension State Benefit £488
Incapacity State benefit £404
Post Office Pension £279
I will have a surplas of £170 a month will i have to pay all that in a IPO
Whilst an IPA should not be sought where the bankrupt's only source of income is state benefit [note 3], the official receiver should not automatically discount the possibility of obtaining a contribution from a bankrupt who has surplus income but is also in receipt of benefit. Any calculation to identify surplus income should include all available income, including state benefits, paid to an individual for the general benefit of that individual and their family. This includes child tax credit, which is also a state benefit and comprises part of the income available to the bankrupt and his/her family, against which an IPA can be calculated. The person making the income and expenditure calculation (usually the examiner) should initially ascertain whether the bankrupt is also in receipt of non-benefit income. If this is the case, an IPA should be considered, the total income should be established (see other income sources at paragraph 31.7.7) and the bankrupt's reasonable expenses deducted (see paragraph 31.7.19) to cover his/her reasonable domestic needs. An assessment can then be made as to whether the bankrupt is in receipt of surplus income. If an IPA is to be sought, any surplus should be less than or equal to income from the source other than benefits. It should be remembered that whilst the bankrupt's total income (including state benefits) should be included in the calculation of surplus income, it is the income from sources other than the benefit(s) which is providing the payments under the IPA/IPO, which is why an IPA should only be sought to the extent of the non benefit income.
|
| 2 L A T E S T R E P L I E S (Newest First) |
| paulsc |
Posted - 22 March 2009 : 17:34:16
Melanie
Thank you again for consise infomation what would we do without you
Thanks again Paul
|
| Melanie.n |
Posted - 22 March 2009 : 15:36:04
If an IPO is sought as an individual has a disposible income (DI) the payment is usually set ay 50% of the DI (in some cases where there is a large DI the amount can go as high as 70% but this is rare the majority of IPO's are set at 50%)
I would wait until you speak to the OR before you start to worry unnecessarily as your incom eis made up of pension and benefits - certain benefits are not included in the caluculation so you may not have a DI and thus will not have an IPO
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
