Maybe I explained it bad...but if your income is under the rLe plus expenses there's no payment order applied.Thanks again Stuboy.
I had seen in other threads suggestions that if there was no income above the RLE's that you could avoid a payment order completely and that would be the end of it. i.e. once out of bankruptcy you would no longer be pursued for any of your earnings.
Your post above would seem to contradict this idea.
That is definitely the way to go so-crates.....our experience is that if you have surplus income you are a cash cow for the ISI and they will look to milk you as much as they can
NT
Socrates,If you have an income over and above the Reasonable Living Expenses it is clearly stated that income is available for the ISI to distribute to your creditors.
It's a one year period now...and yes, if your income goes up over the RLE's at any stage in the bankruptcy period, then a payment arrangement will be put in place. it is your obligation to inform the OA office should your income change.Socrates,
What, can you tell me, happens in the case of someone who has insufficient income for an IPO but who let's say 18 months later is earning in excess of the RLE's?
In other words, can an IPO be applied at any time during the three-year period?
It's a one year period now...and yes, if your income goes up over the RLE's at any stage in the bankruptcy period, then a payment arrangement will be put in place. it is your obligation to inform the OA office should your income change.
Yates ditched his media job and went to the UK to go bankrupt, within a week or two of being discharged was back on the air in ireland earning again with no payment agreement. a more blatant dodging of the payment agreement has never been done considering that everyone knew he would be back in his media job after discharge.
If you don't see the ISI as a cash-cow So-crates, then why are you hiding or reducing your income?
If you feel so strongly about the debt owed to creditors, perhaps you should like I did pay €700/€800 a month to those creditors rather than playing the game?
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