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.