Is it true that you still have to pay back money per month for several months if you go bankrupt. I thought once you went "bump" then you didnt owe anything?
Depending on your disposable income the OR or your Trustee can insist on an Income Payments Agreement for up to 3 years. Could be between 30% and 50% of your disposable income.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Good luck - I am sure things will settle down. Keep budgeting!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
An IPA is for between 50% and 75% of your disposable income, and if you have a look at my blog there is a table showing how much you could expect to pay. It lasts for 36 months and you have £100 or more disposable income before the OR will seek one.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
