if you are bankrupt and then get a job, do you have to pay anything back out of your wages on a weekly/monthly basis? i am bankrupt and will be for the next 4 years. if i get a job,self employed for 16 hours per week, which will be topped up by benefits, what is the maximum i can earn before i have to pay anything back?
Hi Kerrie7, That depends on your I&E. You have to keep the OR informed whilst bankrupt to any major changes in your income and expenditure throughout so that the payments if any can be adjusted accordingly. It can go up or down and as such any payments could go up or down or may not be required at all. You say your bankrupt for 4 years is that a BRU or BRO that is in place. There is not acctually a minimum or maximum as its dependent on your circumstances if your on your own your outgoings may be less than me for example with 3 children. Again it all depends on what you have going in and going out per month but you are whilst undischarged abliged to inform the OR of any changes to your income. Hope I helped a bit. Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
Hi kerrie payments to the OR are known as IPA or IPO. This arrangement must be in place before your discharge from BR and usually lasts for 3 years (max). An IPA / IPO cannot be imposed after discharge. If you have a BRU / BRO you will still be discharged 12 months from your date of BR.
maximum earnings before paying anything back ?
Posted - 20 August 2008 : 05:56:36
