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Bankruptcy-Income & Expenditure Advice

2 replies

cosytidy · 28/01/2019 21:12

My DH made bankrupt recently & now the income & expenditure form needs to be completed to do the monthly payment arrangement.
Does anyone know what they allow you for this? Can't really find any guidance. Will they try & cut what we pay in childcare? Is there anything they can't give a reduced amount for?
Many thanks

OP posts:
Girlicorne · 29/01/2019 00:36

The allowances in bankruptcy are reasonably generous especially compared to an IPA for example as they don't want you to get in the same situation again. . How many of you are there? I doubt they would quibble over childcare if you need it to be able to work. Also rent/mortgage, bills etc they won't knock the amounts down unless you are renting a ridiculous sized house you don't need for 10k a month!! They will ask for proof of your rent/mortgage, bills etc.
The insolvency service have a calculator which they put in all your outgoings and a computer program tells them if the amount is acceptable. I think they don't even know the amounts allowed. Make sure you include absolutely everything. You are allowed to put a small amount away for savings and a small amount for holidays, I think £40 a month for each for a family of 4. Please feel free to PM me if you want further info about what we were allowed.

cosytidy · 29/01/2019 11:59

@Girlicorne thanks so much. There's 4 of us. I'd happily PM u but I don't know how! GrinId rally appreciate u PM ing meThanks

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