bankruptcy question

[floridaholiday]

If you have no disposable income after bills taken into account am I right in thinking that you will not get an IPO. What happens though if hubby continues to get bonus payments. Will he have to pay some money over until dishcarged or will he have to pay for 36 months

[Julie]

Hi - you're right if your disposable income is zero or below £100 ( I thnk), then there will be no order attached.

The order is normally for 36 months but if your circumstances change then the OR can order a change in payments. The bonuses would depend on how much and how often I guess.

[Adam Davies]

Hi
Julie is correct in that you will not pay anything into bankruptcy if it is deemed that you have less than 100 pounds DI. If you are both bankrupt then your husband would have his own IPO and payments will increase if he receives a bonus.If he doesn't have an IPO then it will be upto him to declare additional income. An IPO can't be set after you are discharged
Regards

[floridaholiday]

thanks for your replies. We have a joint IVA and will probably not have any disposable income. Do you have seperate IPOs.

[Julie]

I wasn't included in the IVA or BR, so it was only hubby that had the payment order attached. I think you'd have seperate orders.

Worth noting, the allowances in BR are mre generous than in an IVA so your disposable income would be lower anyway.

[floridaholiday]

sorry if I am a bit thick, but if you both deaclare yourselves bankrupt and you have to have seperate IPOs then how do they work out if you have any disposable income as we have a joint bank account and all the bills come out of the account and our wages are paid into the account. eg rent, food how can they seperate this. Do they seperate the debts into whos name it is in? some of ours are joint. Sorry to go on but I want to be clear in my mind.

[Julie]

You're not thick at all, its a stressful time and I remember how confused and worried I was when hubby's IVA failed, leading to BR.

I don't know how they work it out for joint BR's, but I'm sure one of the professionals will be along soon.

Try not to worry, if you have to go BR, its not so bad -honest. We've survived it, as have others on here and we'll help you with the forms, process etc.

xx

[floridaholiday]

Thanks Julie that is really sweet of you. I just do not want to jump out of the frying pan into the fire.

[Julie]

I remember how much support I had from this forum when we were deciding what to do. The support and advice will stay with me forever!

On top of that I met with Melanie (not our IP) and then met up with a friend of hers who had been down the BR route. I needed to make sure it was the right choice for us and all these people gave me their time and advice freely and we did make the right choice eventually.

So,I know what you are facing floridaholiday. Add me as a frugal friend if you want to contact off forum too. Anything I can do to help & support I will, as will plenty of others on here [;)]xx

[MelanieGiles]

The allocation of expenditure in a husband and wife case is usually worked on a 50/50 basis. You can present it in any way that suits your household really - another way would be share the expenditure in line with your earnings ratios.