in effect the Official receiver the people who deal with your bankruptcy allows you an alllowance to live on, anything above that limit, is paid as a contribtion to your creditors. this is called an income payment agreement (IPA)
if after petitioning for bankrptcy you earn less than a prescribed limit you do not have an IPA.
everyones prescribed limit is dictated by their own needs and circumstances
hope it helps Richard
Edited by - Richard P on 08 December 2010 13:58:55
Do I keep my wages once I'm declared bankrupt?
Posted - 08 December 2010 : 13:34:34
