Could you please tell us, does the SIZE of your (personal) debt affect the size (AMOUNT) of the IPO, the receiver/judge charges you? and does it affect the DURATION of your IPO? i.e. would it be in your interests to reduce your debt in any manner possible, for the future running of your bankruptcy? (property is repossessed and unwanted, no rental agreement is required in this instance). THANKS!
It has no bearing on an IPA (IPO is when you refuse an IPA and the judge orders otherwise). An IPA is based solely on disposable income. You tell the OR what you earn each month and then start deducting everthing that you spend money on and I mean everything, dont be shy. Some he/she will agree to, and other he/she wont. Then take the figure that is left (if any!) and this is your disposable income. If it less than £99, no IPA is agreed. If more, then the OR will request 50% of it each month for 3 years. If its a quite a large sum at the end, the OR will request 70%. As far as I know the IPA length or amount has no bearing on the debt.
does the SIZE of your (personal) debt
Posted - 16 January 2009 : 19:32:03
