In some cases, the official receiver who manages your bankruptcy may order you to make some payments after you go bankrupt. If you are bankrupt and have more income than you have to pay for your own and the daily cost of your family`s life, the liquidator will ask you to pay your bankruptcy estate in favor of your creditors. The official recipient will conduct a thorough review of your current financial situation, which will allow them to decide whether to reduce, increase or perhaps even suspend the DPI. The law allows the official liquidator or liquidator to require a debtor to make regular payments from his income in the bankruptcy estate for an agreed period, in order to pay the creditors as well as the costs of the bankruptcy proceedings. This is called the Interfaith Payments Agreement (IPA). Such an agreement is entered into voluntarily, but ID payments are missed or violate other requirements mentioned in the agreement, meaning your trustee could suspend its relief, meaning that the terms of your bankruptcy would take longer than the typical 12-month period. An agent can also have the money deducted directly from your salary or take legal action to recover the money owed. In order to determine whether the debtor can afford an IPA/IPO, the official receiver must make an objective assessment of the information provided on revenue and expenditure, as required by the court in relation to a decision to pay revenue. For more information on expenditure which may be considered appropriate expenditure, see Part 4 of this chapter. See also Appendix D for an overview of expenditures. Where possible, the figures should be supported by actual payments. Where the debtor can only estimate its expenditures, the budgetary expenditure table (HES), which can be found in the intranet technical division area, contains details of the average expenditure for different budget groups. This information comes from the Annual Expenditure Survey of the Office of National Statistics (ONS) and shows the average monthly expenditure for a large number of national groups in tabular form.
The table is provided as a benchmark for assessing the debtor`s claims on estimated expenditure in relation to the national average. Estimates that are significantly different from the average should be demonstrated and explained in the calculation notes when taken into account in the calculation. If you miss a payment for an API or IPO, it`s important that you try to resolve the issue as quickly as possible. At first, a missed payment usually leads your agent or official recipient to contact you to discuss the matter. They will try to ensure that arrears are paid as soon as possible. If this is not possible and the missed payment is due to longer-term financial problems, your trustee or beneficiary may try to change the terms of the agreement or order so that payments are not missed in the future. . . .
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