A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[givemefreedom]

Hi, i`m considering bankruptcy as i live at home and have no assetts to lose, my wages have always gone on paying my debts and not much else.
I`d like to know what proportion of my monthly wages are mine to keep say if i earned £1000? (would i have half my wages left for myself?)
And earning this amount i would be paying back the remainder for 3 years is that right? I`m not understanding the whole bankrupt for 1 year, but may have to pay back over 3 years

[givemefreedom]

I`d also like to know as i live at home i do not personally pay housekeeping bills but i do pay board. As i don`t have the expense of rent/mortgage, utility bills and other things you would see on an SoA where would i stand with regards to this? I don`t want to end up in an even bigger mess as obviously earning a full-time wage and having little expenditure am i going to be paying an IPA of 70%??

[Hg]

Hello

They won't touch anything you need for essential expenses, and depending on how much is left over after that, they can take a proportion starting at half.

Bankruptcies and income payments both used to last three years. From 2004 the length of a bankruptcy was cut to only one year, but the payments still last three years so creditors aren't losing out as a result of the change.

[givemefreedom]

Thanks, i`m beginning to understand it more and more each day(considering i knew nothing about bankruptcy a few days ago!)