I'm posting on behalf of my MIL who is about to declare herself bankrupt. She is certain this is the best route for her. But she seems to think that it is almost pointless getting a proper job post bankruptcy (she is currently self-employed and is losing the lease on her rstaurant business imminently, although the bankruptcy is personal, rather than related to the business, IYSWIM)
I know that she might have to enter into an Income Payment Agreement whereby some of her monthly earnings go to her creditors, but all the guidance around IPAs seems a bit woolly, so would appreciate it if anyone has any experience that they would be prepared to share.
- If she gets a proper job, and if she enters into an IPA, how much is she likely to be allowed to keep for rent, bills and food? Ie, is she going to have to stop shopping in Waitrose and join the real world start shopping in Lidl?
2)What could the criteria be for her to NOT have to enter into an IPA, if she is earning?
Please note by 'proper job' I mean as opposed to cash-in-hand.
Thanks in advance