| T O P I C R E V I E W |
| kentmikey |
Posted - 23 June 2010 : 07:25:45
Hi Friends
We have decided to go BR as the IVA is really not working for us, we are struggling to find the money to pay the BR fees and so will stop paying the IVA and try and save up the £1200 over the next four months. Am I right in thinking that we cannot apply for BR until we have the £1200 in hard cash?
Mikey |
| 8 L A T E S T R E P L I E S (Newest First) |
| kentmikey |
Posted - 23 June 2010 : 17:43:03
So how does it work with debts in joint names, for instance the IVA is in my name and my Wife. If one of us goes BR first, how does this stand with the other? Also, I assume when we go bankrupt, singular debts, i.e. that in my name go on my submission and not on my wife's submission for bankruptcy and vica versa?
Mike |
| kentmikey |
Posted - 23 June 2010 : 15:54:27
This info is very useful thank you. I have emailed our IVA company as we missed a couple of payments earlier in the year as we thought about BR then but when then decided to continue with the IVA. Hindsight we should have done the BR then, we rent and have no assets so it seems there is very little to lose, although, at the moment its a pride thing. |
| Richard P |
Posted - 23 June 2010 : 14:39:07
Hi Kent mikey
yes the debts will pass to the other person but it will take the credit companies about 3 months to get organsied by which time you should have been able to raise the cash to allow other family member to go BR.
The negative is that should one of the creditors go all out against you, your house and possessions are not totally protected as in bankruptcy.
before you go on a panic, the one who has gone bankrupt all of their belongings are protected from creditors by the OR umbrella.
what are chances of one of the creditors going all out against you ? depends on how far you are down the line, currently as you are on an IVA the companies will want to work with you first, then persuade you to get back in line. Not knowing your full circumstances I would hint that you have 5 - 6 months from your first missed IVA payment for you both to declare BR before the creditors start upping the anti.
Now is the time to plan and take advice, speak to your IVA provider can they help plan your bankruptcy, if not speak to one of the experts to the left, we have spoke before about the expert that helped me but the important thing is to take telephone guidance.
regards Richard |
| gettingoutofdebt |
Posted - 23 June 2010 : 14:20:18
You don't have to both declare BR at the same time but if only one of you is BR than any joint debts will revert to the other party so they will be chased by the creditor. |
| kentmikey |
Posted - 23 June 2010 : 13:32:52
I had assume that because some of the debts are in joint names we would have to both go bankrupt at the same time?
Mikey |
| Richard P |
Posted - 23 June 2010 : 12:00:46
Hi Kent mikey
once you have deciede to go BR stop paying all bill that you will not be rolling over ionto a new debt free you.
You will need to miss three IVA and obtain a certificate of non compliance.
just a thought (as debt info suggested)why do you want to go BR at the same time ?
regards Richard |
| kentmikey |
Posted - 23 June 2010 : 10:16:34
Thank you, I did think that would be the case.
Mike |
| debtinfo |
Posted - 23 June 2010 : 07:42:41
thats correct although, if you are getting preassure from particular creditors, one of you could go first whilst you save the money for the other, if you are on certain benefits then you get a discount |
