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T O P I C R E V I E W
Lyndaelee
Posted - 24 October 2011 : 15:21:44 I have an IVA that will fail at the end of the year due to my lack of funds to serve it, so I will be made bankrupt next year for around £24,000. It is also likely that I could be made redundant during the period of my bankruptcy(ten years work in public sector, so wont get a huge sum). If I am bankrupt and made redundant, I need to know if i can keep any of the prospective redundancy payment to live on, or will it be considered a "windfall" or "asset". Im very worried as if this money was taken, i wont have any money to live on and I believe that have little prospect of future full time employment.rsvp and thankyou
1 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 25 October 2011 : 08:13:58 Hi Lyndaelee,
You don't need to declare bankruptcy just because your IVA has failed. You will lose the redundancy money if you are bankrupt.
You might be able to negotiate with the creditors yourself or propose a full and final lump sum IVA with some of your redundancy money.
Speak to your IP to get advice about this as they may be able to alter the terms of your IVA.
You could also speak to an expert on here for advice.
