Bankruptcy question

[hillsy]

I have a question for anyone who may be able to help. How much money do you have to contribute if say you get £1000.00 bonus every three months, and what are the expenditure allowances. Are they the same or similar to an IVA.

[chris.g]

Use these as a guideline,
http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=7238

As for how much you will be required to pay, that depends on your disposable income, but it's usually 50% of income between £99.01 & £250 and % increase the more D'income you have.

[MelanieGiles]

The OR is obliged to take all of the bonus money from you, and if they are aware that you receive bonuses regularly may even write to your employers to ask that they be sent to them directly.

[daffodilly]

can someone tell me why in bankruptcy do you get a zero tax code, even if the taxman is not a creditor?

[MelanieGiles]

The tax office cannot split liabilities in part years, so they take the view that all tax due in any tax year should be included in the bankruptcy as a claim. This means that if the tax is listed as a claim in the proceedings, then there is no tax to be deducted for the rest of the year - hence the zero coding.