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T O P I C R E V I E W
brokebutstillalive
Posted - 15 August 2008 : 00:27:46 We are considering bankruptcy over an IVA (wife not being able to work for 5 years as had twins + older child = loss of half income - childcare costing more than salary - and doubled expenses which left us with 50K debts)as we are worried about making payments for 5 years as our costs are not going to go down in that time and expenses will probably go up! I was not aware that you have to make payments for 3 years after bankruptcy though - are these taken directly from your wages so your employer will know? I thought excess income payments only had to be made until you were discharged from bankruptcy? What happens if your income goes down? Also we currently rent our house - there is nothing in the contract that says that the landlord will evict us if we go bankrupt - will the landlord be informed? If we have to leave this property when the tenancy ends and find another one through an agency, they will know we are bankrupt from the credit checks they do - what if we are refused? How do bankrupts rent? We have not got a hope in hell in getting a council property and there are very few privately rented properties advertised in our area so will have to use an agency (have had to move 3 times in last 18 months as owners decided they wanted to sell up rather than rent out!).
2 L A T E S T R E P L I E S (Newest First)
jim_h
Posted - 16 August 2008 : 10:33:12 i have been informed that if you take the tenancy agreement and show it to your ip this would be ok when i took tenancy i informed them i had a iva as the company who brought my house said as long as i make payments this would be ok it says in my agreement if i have a iva or go bankrupt it terminates but the landlord informed me at the time as long as my past record was up to date i have been renting for 12 months now and informed them i was going bankrupt as long as rent is paid its your own private affair
John
Posted - 15 August 2008 : 03:08:29 Hi bbsa you only have to make payments into an IPA if you have sufficient disposable income. The payments can be made via DD from your bank account. If you are given an IPA prior to discharge the IPA can run for a maximum 36 months. If your income or expendiure changes either up or down you should contact your OR asap and have your income & expenditure reviewed. The OR will write to your landlord as he has a duty to check that there are no rent arrears. Hopefully your landlord would understand and take the view that as long as you make the monthly rental payments regularly and on time he is not swayed by the fact that you are a bankrupt. However, one of the main drawbacks of bankruptcy is finding rental accommodation after the event. It's a matter of perseverance until you are successful. You may be asked for a larger deposit as a result.
