Question: I have seen a cab advisor, i have a monthly income total of £1428.73 - £1066.35 of this is made up of child tax credit, working tax credit and child benifit. I have a expenditure total of £1174.67 so have a surplus of £254.06. My debts are total £6866.20. How much of my surplus would be taken for a IPA??? Please help i am very confused!!!
Answer: You only pay into a bankruptcy if you have a surplus of income each month that exceeds £100 after your allowable living expenditures. If you do have a surplus, a percentage of this is paid into the bankruptcy for three (3) years, even though you may receive a discharge from bankruptcy after 12 months. Benefits would be considered as a part of the total household income, but not to be used to pay into a bankruptcy.
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