What percentage of my income will be available to me during the bankruptcy period?
As a bankrupt you will be required to make contributions towards the debts in bankruptcy, for a period of 36 months, if you can afford to. In order to determine what you can afford the Official Receiver will examn what income you have in excess of the cost of "reasonable" expenses for the car of yourself and contribution to the family.
If it is determined that you can afford more than £50 per month then an Income Payment Agreement will be sought by the Official Receiver. If you disagree with the amount determined you can negotiate with the Official Receiver and if an agreement can't be reached the Official Receiver can make an application to the court for an Income Payment Order, that you will have to pay.
If you would like personal assistance in preparing for your bankruptcy, take a look at our Bankruptcy Assistance Service.
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