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Surplus
Posted: Fri Aug 11, 2017 2:15 pm
by ediunia82
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!
Re: Surplus
Posted: Fri Aug 11, 2017 2:46 pm
by Foggy
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.
Re: Surplus
Posted: Fri Aug 11, 2017 2:48 pm
by Michael Peoples
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.
Re: Surplus
Posted: Fri Aug 11, 2017 3:15 pm
by Lisa Thomas
The biggest difference is the timescales! 3 years in BKY and 5-7 in an IVA
Re: Surplus
Posted: Fri Aug 11, 2017 4:07 pm
by Foggy
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 !