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 After discharge is it too late for an IPO to be started ?		  New Topic  Reply to Topic
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Gary.3
Starting Member



11 Posts
Posted - 27 March 2012 :  07:57:08  Show Profile  Visit Gary.3's Homepage  Reply with Quote
I'm currently undischarged bankrupt but due to low income there is no IPO.

If I were to receive a payrise what happens if received

a) Before discharge(would an IPO be started and then continue for 3 years)?
b) After discharge (Is it too late for an IPO to be started)?

Reason for asking is that I would expect next year to see a fairly substantial increase in pay and I'd rather not lose it all to the OR!

Niobe
Administrator



United Kingdom
4590 Posts
Posted - 27 March 2012 :  07:59:33  Show Profile  Reply with Quote
Hi and welcome Gary,

Before discharge then an IPA can me started and would continue for three years from the date it started.

I believe that once you have been discharged then no IPA can be made but I do stand to be corrected on that.

Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe



Jan
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Melanie.n
forum expert



United Kingdom
1282 Posts
Posted - 27 March 2012 :  09:17:24  Show Profile  Reply with Quote
Hi there, Kallis is correct, in that once discharged no IPO can be applied for (but if circumstances change for the better during the period of bankruptcy, prior to discharge, then the OR can apply for an IPO, which will thn run for 3 years)
Hope this helps, Melanie

Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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