Surplus

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ediunia82
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by ediunia82 » Fri Aug 11, 2017 2:15 pm
Question regarding surplus you need to pay for 3 years in bankruptcy, is it same calculations/allowances as on IVA, or is it different??? Cheers!
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Foggy
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by Foggy » Fri Aug 11, 2017 2:46 pm
ediunia82 wrote:
Question regarding surplus you need to pay for 3 years in bankruptcy, is it same calculations/allowances as on IVA, or is it different??? Cheers!


They are broadly similar, but different.
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Michael Peoples
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by Michael Peoples » Fri Aug 11, 2017 2:48 pm
It also depends where you live. The allowances in N Ireland are much more generous in bankruptcy than England and Wales and income payments orders much less likely. You can always reduce your surplus in bankruptcy by arguing that in an IVA you were prepared to make more of a sacrifice and you can fight your corner.
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Lisa Thomas
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by Lisa Thomas » Fri Aug 11, 2017 3:15 pm
The biggest difference is the timescales! 3 years in BKY and 5-7 in an IVA
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Foggy
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by Foggy » Fri Aug 11, 2017 4:07 pm
Lisa Thomas wrote:
The biggest difference is the timescales! 3 years in BKY and 5-7 in an IVA


Three years payments -- which you might not get and usually discharged from the actual bankruptcy after the first year these days. And .... unless you do something really daft and dishonest ... a BR won't fail !
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