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Bankruptcy IPA - Income Payments Agreement
IMPORTANT INFORMATION IF YOU ARE CONSIDERING BANKRUPTCY OR HAVE RECENTLY GONE BANKRUPT
The Insolvency Service require individuals to enter an Income Payments Agreement after bankruptcy where appropriate.
It is essential that you get the right advice to ensure that you do not pay more than you should.
Bankruptcy rules allow you to have a 'fresh start' and the level of an Income Payments Agreement should not compromise your opportunity to remain solvent in the future.
We provide FREE advice about bankruptcy and offer possibly the cheapest professional assisted bankruptcy service in the UK.
ALREADY BANKRUPT? FACING AN IPA THAT YOU THINK IS UNREASONABLE OR CAN'T AFFORD? CONTACT US FOR A FREE ASSESSMENT OF YOUR CIRCUMSTANCES. WE KNOW WHAT EXPENDITURE CAN BE CLAIMED ACCORDING TO INSOLVENCY GUIDELINES.
Contact an advisor directly for more information on 07925 183287.
Bankruptcy IPA - Income Payments Agreement
It is extremely important to understand the process that the Official Receiver follows once you have gone bankrupt with regard to the review of your income and outgoings as listed in sections 6 and 7 of the Statement of Affairs (form 6.28). This is because the Official Receiver will calculate what payments you have to make after you go bankrupt. The total of your monthly expenditure is subtracted from income. This is known as surplus or disposable income. Unless this is a small amount, you will be asked to pay all of your surplus income each month for 36 months. This is called an Income Payments Agreement or IPA.
Bankruptcy IPA - Challenging an Income Payments Agreement
If you feel that the amount that you have been asked to pay in an Income Payments Agreement is unreasonable then you can contact the Official Receiver and justify your expenditure if he or she does not consider some items as essential or if they reason that some items of expenditure are excessive for your circumstances. Often they will respond in agreement with your justification and you may then not be expected to pay anything or if you do then it may be a reduced figure. However, if you still do not agree with the Official Receivers request then they will set an IPO Court Hearing.
Bankruptcy IPO - Income Payments Order
If you refuse to sign an Income Payments Agreement then the next step an Official Receiver can take is to put the matter before a judge to make a ruling. This is known as an IPO Hearing. You are invited to attend court to put your case and the judge will consider this as well as the case that the Official Receiver will represent. From there the judge will make a ruling on how much you pay. You will then be required to make these payments for 36 months under a court order and it’s known as an Income Payments Order (IPO).
What can be done to avoid an Income Payments Agreement/ Income Payments Order (IPA/IPO)?
Well, it is a reasonable process in as much that you are only requested to pay money that you have as surplus income. This means that it is essential that you cover all of your outgoings comprehensively in the Statement of Affairs document before you go bankrupt. It also has to be represented accurately and you also have to list contributions from other household members. Your outgoings are then reviewed as a percentage based on the amounts that others contribute financially to the household. It can be complicated to represent everything in the way that the court requires.
Can I get help with this and can I save money by reducing my Income Payments Agreement (IPA) payments?
You can certainly get free advice on how to represent your outgoings correctly by contacting the Insolvency Service or organisations that specialise in debt advice and bankruptcy. We can provide free advice to you as well in general terms if you are looking to do the petition yourself. If you decide you would like professional help with the process then it is a standard part of our comprehensive bankruptcy service to represent your outgoings in line with the essential expenditure guidelines that we know the Insolvency Service follows. We also help with listing all of the expenditure allowable for your circumstances. This means that your surplus income is reduced as much as possible and consequently this means that you may not be asked to pay an Income Payments Agreement (IPA) or if you do then it will be the lowest one possible for your circumstances. We only have to save you a few pounds a month in an Income Payments Agreement and that covers our fee! The approach we follow is legitimate as our aim is to simply help our clients get a fresh financial start and not to be compromised by an excessive Income Payments Agreement/Income Payments Order.
Are there exceptions?
Yes, even if you have surplus income and your only source of income is state benefits then you will not be placed into an Income Payments Agreement/Income Payments Order. If you are earning and receiving benefits then the IPA/IPO will not exceed the amount you receive in earnings. It is capped at that amount.
If you have further questions about Income Payments Agreements or Income Payments Orders even if you are already bankrupt please give us a call as we would be delighted to help further. Contact us directly on 07925 183287.