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| T O P I C R E V I E W |
| Ulysses |
Posted - 14 August 2008 : 09:54:27
Hi.
My wife & I are currently in an IVA. We are directors of a LTD Co that we bought Just over 3 years ago. We are the sole employees. The IVA for personal debt’s has been in place for 13 months & we have never missed a payment. Although we have sold personal possessions to keep the business afloat over the past year. The business has failed & is going into liquidation, consequently we will not receive any wages / income from the end of this month.
We are considering bankruptcy. Do we file our own petition. ? or do we wait for our mortguage co to repossess our home ?. As we have no savings and will have no income. Paying the fees will be impossible. Will the IVA co make us bankrupt.??.
What household / personal items are we likely to lose.?
Any advise on what our best options would be.?
Mick
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| 4 L A T E S T R E P L I E S (Newest First) |
| Ulysses |
Posted - 14 August 2008 : 12:08:53
Thankyou John. |
| John |
Posted - 14 August 2008 : 11:54:33
Hi
sadly, if you're resigned to the fact that the house will go stop paying the mortgage.
You need to be 3 months in arrears before the lender can start repossession proceedings and through to eviction could take another 2.
Also stop the IVA payments if you're sure it's what needs to be done.
Check your agreement but normally you will have to have missed 3 payments before the IVA has failed.
You would not usually be able to petition the court for your own BR until the IVA has failed and your IP has issued a Certificate of Termination.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Ulysses |
Posted - 14 August 2008 : 11:12:59
Hi John.
The next Mortguage & IVA payments are due on the 28th of this month & we do not have them. What proceedure will they go through.?
Do we sit & wait. We have equity in our home, but not much. We are resigned to losing it & hope to be accepted for a council house. But, we seem to be in limbo as to what the next step to take is.
I have sent out CV's for jobs with no success. I am disabled & 50 next year & have always been in employment since I left school in 1976.
But I can see why an employer would be reluctant to employ me at my age & with my medical history. (Although I have never taken any time off work through sickness in the last 21 years) |
| John |
Posted - 14 August 2008 : 10:31:45
Hi Ulysses
you mentioned that paying court fees would be impossible so you've kind of answered your own question re the petition.
The IP would only petition for your BR if instructed to do so by the creditors and this is not always the case as there is a cost involved.
You won't lose any personal or household items in BR unless they, or some, are of particularly high value.
The mortgage lender, having repossessed and sold the property, will usually petition for the shortfall between the sale price and the mortgage amount. This, of course, is written off anyway if they choose this route.
What are the prospects of you securing work?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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