When income is assessed by OR at the time of the bankruptcy application how will previous overtime be taken into account ? I am looking to declare myself & partner bankrupt at the end of the month once we then have the funds for the fees. I will not be working overtime from the time I declare bankrupt onwards so how will this be viewed and what is the likely outcome if my income is the same or less than my outgoings?
With no overtime being worked will it be likely that an IPO / IPA will be imposed.
If no IPO / IPA is imposed and I start to work overtime again what percentage is taken by OR?
We have neg Equity and mortgage is joint. I work my partner received child benefit, our child is only just 1 and we are expecting our 2nd in about 7/8 months. How do we buy back the BI ? - I find this aspect most confusing.
I am rather confused about the whole affair right now.
any and all advice gladly accepted and very VERY welcome as the clock is ticking...
An IPO is assessed on your basic monthly income, unless overtime was guaranteed at a minimum level, it would not be used in the calculation.
Just because you have worked overtime leading up to the bankruptcy will not affect the income for the calaculation
with regard to the BI question, please read the post at the top of the list - as from 1st January the OR is not offering bankrupts the ability to purchase the BI. Property will be looked at after 2yrs 3 months, when a new valuation may be requested. This change in working practices was known about prior to 1st Jan so we were unable to inform via the forum until the New Year.
Hope this helps, Melanie
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk telephone 01792 899996
IPA/IPO, BI, overtime and income questions.
Posted - 09 January 2011 : 23:40:15
