If you are a bankrupt sole income earner in a family of 4 and earning £1550 per month net would it be likely to be considered unreasonable by the OR that your essential outgoings are within £10 of that net monthly income figure? Are you likely in that scenario to end up with just a NT IPA/IPO for the current tax year of the bankruptcy or would the OR aim to dispute your outgoings in order to obtain an increased IPA/IPO payment from you and make it last 3 years?
Can anyone advise me on this? Also has anyone on the forum ended up in an IPA/IPO for 3 years?
generally speaking an expenditure level of £1550 for a family of 4 is reasonably low. In view of this and the £10 disposable income figure you are unlikely to get an IPA proposed.
As you rightly say, you may well receive an NT/IPA. You will almost certainly avoid that too if you declare bankruptcy between mid December and the end of March as it takes too long to set up.
We've got an IPA, which we'll pay for 3 years unless anything changes. We knew we'd have one though, and of course it's ALOT less than we were trying to pay before!! :-)
yes! I know all about declaring BR just before the end of the tax year to avoid a nil tax code and tried to persuade my wife to go BR at end of March but she insisted on waiting to end May. Actually I was already BR but am earning nothing and being supported by my wife.
Its complicated things that we did not go BR on the same day.
Nil Tax Code/IPA/IPO?
Posted - 31 October 2008 : 20:07:49
