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| T O P I C R E V I E W |
| Jon.e |
Posted - 06 February 2012 : 19:13:32
Hello;
I am currently considering a lump sum IVA or bankruptcy.
Due to a failed business (and 6 years of hard work down the drain), I am now in ~£80k of debt. ~£40k with credit card companies (which I used to subsidise myself when the company couldnt pay a monthly wage) and £40k from a personal gurantee of teh OD of the liquidated company.
I was unemployed for a while, but I now have a job with secure income, and was able to negotiate some shares in the company (it is a start-up). I take home 2k / month.
My partner has just returned to work after a year off for maternity, she takes home £1500.
We have two under 4 year olds, and child care costs ~ £1100 / month. Our rent is £1200 (we live in London) for a small two bedroom flat.
We have no assets other than a car, which is owned by my partner. She has no debt, ALL debt is in my name.
My new employer is sympatehtic to my situation, and has suggested he will be happy to provide me with an advance on future pay to form a lump sum, to tr and do a lump sumj IVA. My parents have also said they will try and help.
I believe bankruptcy will be miuch more restrictive, and longer, than an IVA. I would expect the bankruptcy ot be 13 months, but just dont know for sure. I am unsure how my shares in the company will be viewed, it is a start-up, hasnt made a profit yet, will a practicioner take the shares and try to find a buyer? Also, I am unsure how my personal possesions will be looked at, in my home. A lot of what we have is owned by my partner (she has subsidised our lifes whilst i tried to make the company a success). Do we need receipts of everything, in her name?
What are the other drawbacks of bankruptcy versus a lump sum IVA?
Apologies for rambling post, and poor grammar, trying to get this sent out in a short tea break.
Jon |
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