All Forums  archive  bankruptcy postbag for july  IVA on the point of failure what is best action?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Sharon53[/i] [br]My son has had an IVA which is on the point of being failed as he cannot afford to pay it. He intends to apply for bankruptcy but in the meantime I am concerned about what will happen. He has a young family and I am worried that they will be harassed by debt collectors or bailiffs or worse. This is totally unknown territory for me and the worry is making me ill. During the time my son has been struggling with his financial problems I have paid for many of his household items, some of which could be considered assets, such as TV and computer, will he lose these if he goes BR or would they be mine as I bought them, although there is no way I can prove it other than my diminishing bank account. How many debtors exhaust their family's finances before sorting their situation out? Can you tell me what is likely to happen and what is the best action to take please? Sharon [/quote]   Check here to include your profile signature.