Will I have a monthly payment once bankrupt – Income Payments Agreements
People generally are so intent on getting to bankruptcy that they don’t always pay sufficient attention to the costs of living and the real breakdown of the cost of living and existing.
This will depend on your current income and expenditure, and whether you have any surplus income after all your expenses. This is arguably the most important part of the service we offer, as it is important that you claim the maximum allowable limit for all expenses. These are known as Income Payment agreements or in some instances (if contested) Income Payment Orders.
We know the limits and have an outstanding track record in helping people avoid having to pay anything after bankruptcy, known as an Income Payments Arrangement or IPA. If you are placed in an IPA it will be for 36 months and this can amount to a lot of money over the period.
The Insolvency Service has made things tough for those attempting their own bankruptcy, as all manner of non-allowable expenses have been included on the online application. For example, we were astonished to see things like tobacco, alcohol, entertainment and club subscriptions included in the form, as we know these are not allowed.
In fact, we counted around 15 of these non-allowable expenses and if you had included any of them in reducing your surplus income to zero, you would find yourself involved in an Income Payments Agreement. We have a few tricks of our own for avoiding excessive IPAs so call us if you need help.
Bankruptcy UK specialises in guiding people through the bankruptcy process in a no-nonsense, straightforward manner. We will assess your circumstances then submit the bankruptcy application online. call us for an informal chat about your circumstances on 01425 600129.