How long and how severe should the Income Payments Order be?

Hi Pat

Thanks for that clarification. I had heard mention of an IPA and I had not realised what it was. I had assumed I had misheard.

It seems like a very sensible policy.

Brendan
 
Here is what the ISI glossary says

Income payment agreement
A written agreement between a bankrupt person and the Official Assignee to pay the Official Assignee his/her surplus salary or other income for up to 5 years, after Reasonable Living Expenses have been deducted.

Income payment order
This is similar to an income payment agreement but this is where the Court orders a bankrupt person to pay the Official Assignee his/her surplus salary or other income for up to 5 years after Reasonable Living Expenses have been deducted.
 
I've been living below the level since 2009. A small inheritance helped to keep the wolf from the door, but only to raise our standard of living slightly for a couple of years. We didn't pay any creditors as it was less than 10% of what we owe and they'd simply have gobbled it up without consideration. In all seriousness, another 5 years of that is onerous and serves simply to punish the people in bankruptcy.

We survive on €300 a month less than the reasonable living expenses. Is an IPA put in place even though there's nothing to offer? And as Stuboy and epicaricacy say above, why would anyone try to improve their lot if it's just going to be taken away anyway? It seems ridiculously stupid.
 
Nobizere said:
We survive on €300 a month less than the reasonable living expenses. Is an IPA put in place even though there's nothing to offer?
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No. You will be assessed by the Official Assingee within weeks of being adjudicated bankrupt. If you are below the RLEs then there will be no IPA. This is reviewed every 6months for the duration of the bankruptcy
 
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