Request Call

Speak to a specialist adviser today
for a no-obligation chat.
First Name
 
Last Name
 
Phone Number
 
Email
 
Are You Curently Bankrupt
 
 

Latest Headlines

  • US bank in record $16.7bn settlement
    Bank of America agrees to pay a record $16.7bn (£10bn) to US authorities for selling toxic mortgage loans that helped trigger the financial crisis.
  • Dollar store rejects rival $9.7bn bid
    Family Dollar, the US-based discount store at the centre of a bidding war, rejects rival Dollar General's proposal to buy it in a deal worth...
  • VIDEO: Salmond defends oil predictions
    Scotland's First Minister, Alex Salmond, has defended the Scottish government's estimates of oil reserves, after a warning yesterday from a leading industry figure.

Need quick advice?

Ask an expert now and get an answer within the hour. Easy and FREE

Searching for information?

Visit our FREE archives and find the answer to thousands of questions.

Saturday, 22 May 2010 08:48

What Percentage Of My Income Will I Pay In Bankruptcy?

Written by  Jon
Rate this item
(0 votes)

Question:



What percentage of my income will be available to me during the bankruptcy period?

Answer:



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.

Thank you for letting me help you.

Jon

If you have a bankruptcy question you'd like to ask, just ask using this online form. All help is free.

Source:
Comments (0)Add Comment

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Insolvency calculator

Find out the best debt solution for you with our simple calculator:

Total Debt:

£

No of creditors:

 

Monthly income:

£

Monthly expenses:

£

Own home?

Yes No

Recent Activity

wall
dawnlougib, Jon replied to the topic Re: HMRC in the forums.
38 days ago
wall
dawnlougib created a new topic HMRC in the forums.
38 days ago
wall
Jon, yknivag replied to the topic Re: Bankruptcy Questions in the forums.
55 days ago
wall
yknivag thanks for the post Re: Bankruptcy Questions in the forums.
55 days ago
wall
Jon replied to the topic Re: Bankruptcy Questions in the forums.
62 days ago

Our Services

If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.

 

Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.

 

There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.

 

For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.

 

No messages to display

Latest Posts

More Topics »

Browse Categories