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 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
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.
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
Last edited by Julie on Sat Aug 14, 2010 12:12 am, edited 1 time in total.
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.