Income Payment Agreement After Discharge

If the liquidator does not cooperate in the provision of information to enable the calculation of the payment of income, the official beneficiary should endeavour to suspend the execution of the discharge period (see item 31.7.10A) g) Only an IAP should exist. For example, if the liquidator has agreed to make higher payments after the NT code is applied, this should be included in the existing PPI as a separate item. They must continue to pay rent and new debts, even after bankruptcy. You may not have to pay bills that were not paid at the time of your bankruptcy. You may need to pay a deposit for future deliveries of gas, electricity or other utilities. Or your pension accounts can be transferred to a spouse or partner. As mentioned above, if you do not respond to a request for an income payment agreement, the agent will likely request a payment order from the court. As part of a payment order request, your income and expense information is provided to a judge. You will then assess the amount of your payments. As a general rule, you are automatically dismissed, even if your income or cost of living changes, contact your official court administrator and lawyer as soon as possible and let them know.

Your IAP payments can be adjusted to make sure you can always afford them. The official beneficiary compares your expenses to their own policies based on the average household cost. You will take into account your individual circumstances, so if you have unusually high expenses, you must explain them. If there are more than $20 a month left after the cost of living, you will be advised to pay the PPI. All payments you receive must be considered income, including benefits or tax credits and pension payments. If you live with a partner, your income must also be disclosed, as it is supposed to contribute to budgetary expenses, and these details must be detailed. If you can afford it, the agent will ask you to regularly pay your debts on your income through an income payment contract (IPA). You voluntarily enter an IAP, but there is a binding written agreement between you and the agent. If you receive a lump sum while paying an IAP or IPO, you may be asked to make a one-time payment. The PPI or IPO can be updated if your income changes. You should contact your agent immediately if this is the case; they may decide to reduce or increase your payments.