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T O P I C R E V I E W
timdw
Posted - 29 June 2009 : 09:40:59 if im made bankrupt,and i continue to work what happens to my monthly salary?
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 29 June 2009 : 10:43:22 Your monthly salary will continue to be paid to you. You will submit an I&E to the OR as part of the SOA and you will also go through this during the OR's interview. After your outgoings have been calculated (i.e. rent, utility bills, food, clothing, etc.) if there is more than £99 left over (Disposable Income or DI) a certain percentage of this will be paid to your creditors as an Income Payment Agreement. This will be between 50% and 70% of the DI and will run for 36 months.
This amount can go up and down depending if you have any pay increases/decreases during the 36 months.
