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 What happens in bankruptcy to the extra income if I start working ?
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Alan.01
Starting Member



1 Posts

Posted - 11 November 2016 :  19:05:49  Show Profile  Visit Alan.01's Homepage  Reply with Quote
I have been bankrupt since july 16 and since been on universal credit, Now I have started working. How much can I earn before the official receiver will take money off me ? Is there a figure ? I did an income/outcome sheet for them recently where I had about £20 left each month, but what happens when I earn more ? Can they take all the extra income or a % or what ?

Niobe
Administrator



United Kingdom
4582 Posts

Posted - 11 November 2016 :  19:21:57  Show Profile  Reply with Quote
Hi and welcome,

Anything over £20 disposable income and you will have to have an IPA. You need to speak to your OR to sort out what you will need to pay across after your normal expenses.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant


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Lisa Thomas
forum expert



United Kingdom
35 Posts

Posted - 15 November 2016 :  11:31:41  Show Profile  Visit Lisa Thomas's Homepage  Reply with Quote
They can ask you to make voluntary payments into your BKY estate for up to 3 years and if you refuse/dispute it they can go to Court to obtain an order for the sums due and it can be taken direct from your wages (in extreme cases).

In my opinion £20 is not worth the administration costs of putting an IPA in place.

Contact me on 01752 786800 or Lisa@nevilleco.co.uk
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