My partner and I were declared bankrupt on 12th February and have our OR interview in a couple of weeks.
My only concern at the moment is that my partner is self employed and therefore income is variable. His job is also seasonal and has had a couple of months during this last winter where he didn’t earn a penny. What I am worried about is that the OR will take his earnings above our required out goings during the summer months, which will leave us with nothing to live on during winter. How does the OR deal with these cases, do we keep all the money in the bank and at the end of next winter the calculations are adjusted then? I am worried sick that we will have no income next winter.
The OR is unlikely to take an IPA/IPO in a self employed situation for this very reason. They will look at income over the past years from your accounts and make a rough calculation, but ultimately it is unlikely unless you have a very profitable business.
OR and Self Employed Earnings
Posted - 07 March 2009 : 11:56:21
