KrakityJones
Registered User
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- 13
No.Ok, in example where the total expenses is €2,336 if bankrupt has €1000 income and non bankrupt spouse has €2500.
Is the bankrupt's full €1000k taken for creditors?
No.
In that scenario creditors get nothing.
(I'm assuming your wife is not liable to the bank)
Ha ha, 1168 indeed1168. I'm not an authority on the subject but I'm 99% sure that's the case.
Hi
I'm trying to calculate reasonable living expenses in my case. I'm married, no kids and have a car which I need for work, no other costs or special circumstances. Will likely be going bankrupt.
On the ISI site/calculator this suggests €2336 as the reasonable amount but is that for the total household income or just mine?
I'll round up for simplicity so I make €2500 per month, my wife make €1500 per month. We pay rent of €850 PM
Ok, in example where the total expenses is €2,336 if bankrupt has €1000 income and non bankrupt spouse has €2500.
Is the bankrupt's full €1000k taken for creditors?
This is my understanding of it. Please correct me if I'm wrong.
The form that is filled in outlining income asks what percentage of household income the bankrupt earns. Accordingly, the RLE's are split the same then.
In your example,
Total household Income = €4000
Your income @ €2500 is 62.5% of the total.
Total RLE including rent = €2336
Your allowable RLE based on 62.5% of income = €1460
Total excess income available for IPA = €2500(your income) - €1460(your 62.5% portion of RLE) = €1040
As this shows, from your €2500, you would be contributing €1460 to the running of the house and paying €1040 as an Income Payment Agreement.
Hope this helps
Silvio. I think there is a lot of uncertainty about how the rle works. Is it assessed monthly or annually. In our case we had an income spike for one month and it was taken. But we are a few hundred under the rLe every month. If it's just on a given month as I've experienced with the OA then that 5 k will be taken from you as it puts you over for that month you receive the money.Grateful if someone here could answer following.
I've been about 6k per annum below on RLE for last two years.
A guy who has owed me money for nearly 5 years and I had pretty much written off (I included it in my SOA for OA but explained it wasn't legally enforceable) has said he can give me 5k before Christmas and hopefully 5k in early 2016 and a final 5k by about June.
I'd be pretty sure the 5k this year is no problem but can you backdate?
Can I set off 5k against my shortfall in 2014?
Silvio. I think there is a lot of uncertainty about how the rle works. Is it assessed monthly or annually. In our case we had an income spike for one month and it was taken. But we are a few hundred under the rLe every month. If it's just on a given month as I've experienced with the OA then that 5 k will be taken from you as it puts you over for that month you receive the money.
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