All Forums  archive  bankruptcy postbag for april  IPA/IPO Revisited

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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 pix1[/i] [br]I was just wondering if a bankrupt becomes subject to an IPA/IPO would he/she only ever be subject to losing in the terms of an IPA/IPO between 50-70% of whatever disposable income was left after essential expenditure? E.g. If your disposable income was £200 per month you would lose between £100 and £140 of it? Interestingly, if you started earning a lot more whilst undischarged than you were earning at the date of the bankruptcy order, say, £2000 disposable income per month would you then lose between £1000 and £1400 per month or would it somehow end up being the case that the Official Receiver would take even more? Does the principal hold if you start earning an astronomical £20000 per month. Would you then be subject to an IPA/IPO of £10000 to £14000 per month. What I am asking is: if you go bankrupt is there no incentive to try to better yourself whiulst bankrupt because you might lose all your disposable income at some certain level of income or does the 50 to 70% of income always hold? [/quote]   Check here to include your profile signature.