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I have been declared bankrupt and have had my interview with the OR - they said I should be discharged in 12 months.

 

They didn't want to go through my income and expenditure yet, as I've only been self employed for a few months before declaring bankruptcy, and they wanted to review my I&E in three months.

 

I am aware that an IPA will be put in force for three years if I have surplus income during the 12 months, and I want to avoid this.

 

As I am self employed, I can 'throttle' my income for 12 months and just take it a little easy, take on a few less jobs until discharge, thus avoiding an IPA. I just want this over and done with ASAP, not to drag on for three years when I can be 'out' in one.

 

I wanted to clarify one thing: When I declare gross income to the OR, do they take into account the tax and NI that will be payable when I eventually do my tax return? Do they have a formula for that calculation? I don't want any surprises.

 

I'll will eventually make a post about my bankruptcy experience as it may prove useful to people here.

 

Thanks.

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I think you will get better advice on MSE for this. No disrespect intended to CAG - but MSE have a well populated forum specifically for BR.

http://forums.moneysavingexpert.com/forumdisplay.php?f=136

Don't expect much sympathy though - many people on there will be paying an IPA and not have a choice.

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The OR will normally put you on a NT tax code so you should pay zero tax whilst you are not discharged... Not sure about National Insurance.

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