Disposable Income

Disposable Income

Disposable Income

The world of bankruptcy has erupted into mass hysteria and the repercussions will be felt by anyone declaring themselves bankrupt or being made so after 1st December 2010. The Insolvency Service needs to increase its revenue. The disposable income has been targetted!

Prior to 1st December 2010, the Official Receiver can only take a percentage of a bankrupts disposable income (surplus funds after all household bills and living costs have been paid). This is calculated on a sliding scale depending on the amount of disposable income available and varies between 50% and 70% which is paid for 36 months. There is a minimum of 100 disposable income under which the Official Receiver will not be interested and no Income Payments Agreement will be made..

The Insolvency Service is not making enough money and therefore if you make yourself bankrupt or are made so on or after 1st December, you will be epected to hand over all of your disposable income. The length of time that you will be repaying this does not change but the minimum decreases to 20. However, in order to soften the blow slightly, debtors will be allowed a further expenditure of 10 per person in the household to cover sundries or emergencies.

This can only lead to dishonesty on the part of the debtor when completing their Income and Expenditure. Alsothose looking for jobs or those employed may consider putting off seeking employment or giving up their positions in order to ensure that there is no disposable income when declaring bankruptcy.

If you are in a position where you are considering bankruptcy or any other debt solution, please do not hesitate to contact me.

John Blackadder

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