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| T O P I C R E V I E W |
| Lou.55 |
Posted - 03 January 2012 : 12:01:24
Hello. I have been in an an IVA for just over two years. I am struggling considerably to pay each month, as bills / cost of living etc have risen so much. I am seriously considering the bankruptcy route and feel I should have done this in the first place. However, I am still thinking about my options and do plan to speak to my IP, but in the meantime I hope someone can answer a couple of questions for me. I live with my partner (his property) but I have a property which I rent out. There is no equity in the property, but how will this be viewed in bankruptcy? Will it affect the tenant of my property? At the moment the rent I receive goes towards the IVA payments. I feel my disposable income needs reassessing but even with a small reduction in IVA payments (if I were to get one) I cannot keep up. I do intend to speak to my IP but am still mulling this over at the moment. Also, would my partner be affected in anyway by my bankruptcy? We have no joint accounts or debts. Also, we have one car between us (we are a family of 7) and although I work from home most of the time we do need this for his job and other things. It is probably worth around £2500 and is in my name. Also, how do I know how much my debts are now seeing as though I have been paying into an IVA for two or more years? I am really confused about the cross over from IVA to bankruptcy. Any advice appreciated - and sorry for all the questions! |
| 6 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 09 January 2012 : 11:09:07
I think the letter is just one from your IP stating that you have not complied with the IVA and it has failed.
Not sure the courts have anything to do with anymore (something I read on the sister forum).
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| Steve Thatcher |
Posted - 09 January 2012 : 10:33:24
Hi Daniel that may be the case. It's just very frustrating to get a bankrupt to court to be toild by the staff that it can't be processed that day. The individual is usually fraught enough already without being sent away.
Steve Thatcher
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| Niobe |
Posted - 06 January 2012 : 16:42:08
I'm pretty sure that some people have been able to declare BR without having that letter.
Thanks for the update Daniel.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| Daniel Griffiths |
Posted - 06 January 2012 : 16:27:48
Hi Steve
You are right about this getting IVA companies to fail current arrangements on the wishes of the client is difficult, However I know of no insolvency legislation which states a bankrupt cannot petition for his bankrupty while in a current IVA. Rule 6.42(2a) of the Insolvency rules which I am sure you are aware states that the court should accept the petition and list it, writing to the supervisor giving them a clear 14 days notice of the hearing to allow the supervisor to attend. Some courts now are adapting to this procedure to allow people in a current IVA to go bankrupt which has to be done at the court where the IVA is registered, its just a case of passing this information on to the courts who do not and insist on a termination certificate. |
| Steve Thatcher |
Posted - 06 January 2012 : 11:30:23
One more point. If you decide to come out of the IVa and go bankrupt you will need the certificate from the court obtained by the supervisor of your IVa cancelling that IVA. The court will not process your bankruptcy without evidence of formal failure of the IVA. I am having great problems with some IVA companies actually doing this process which is holding up a number of bankruptcies for clients.
Steve Thatcher
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| Melanie.n |
Posted - 03 January 2012 : 14:05:52
Hello there
On the first instance I strongly urge you to speak to your IP and have a full review of your income and expenditure - perhaps there is scope for a refuction, have a look at everything you pay out, and compare with your budghet statement done with your IVA proposal, has your income decreased or costs gone up? Only you will know that asnswer to this and it is important to raise any issues with your IP.
With regard to bankruptcy, your property that you do not live in, if there are tenants in the property, if may well be that the OR will request either that the mortgagee collects the rent or that a receiver is appointed to collect the rent. The liklyhood is on becoming bankrupt that you will lose and property that you do not reside in, regardless of whether or not there is any equity in the property.
So it would be well worth your while to speak to your IP to reassess your IVA as, at least that way you may get to keep the property (although in an IVA creditors can request any non residential property be sold and any equity to go to the benefitof the creditors).
Your bankruiptcy will only deal with your debts v yuour assets - your husband will not be affected in any way (as here are no joint debts)
If bankruptcy was going to be the way forward, you can complete the statement of affairs forms with the IVA proposal paperwork ie creditor list, it is rather irrelevant that they may not know be owed the full amount as all creditors are given the opportunity to 'proove' their claim in your bankruptcy, if your stack to the IVA paperwork at least you won't forget to list any creditors
Hope this helps, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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