My husband and I are both in IVA's and have been fpr a year. He has just had a variation rejected. I can afford my IVA but due to his job he cannot afford his. After much deliberation he has decided to file for bankruptcy. We are worried about our home, its currently valued for the same amount owing on the mortgage (135k). Will be allowed to keep it? Our car is worth under a £1000 and we have no other assets. We currently have a joint Natwest account but he has just opened a co-op account as he has recently become self employed and we thought it best to separate wages. Would it be possible for to remove his name from the joint bank account? We are both very nervous about the whole bankruptcy procedure and the guilt about forfitting the debts is overwhelming. We are both worried about the effects it may have on us in the future when we would like to move etc but would the IVA's have already had the same effect? Thank You
House, you will normally be given the opportunity to buy back the interest in the house for whatever it is worth
Car, if it is necessry for work you will be allowed to keep it
Nat west account - is it overdrawn
The IVA has mostly the same effect as both are formal types of insolvency, at the end of the day it is down to the person you are signing an agreement with and whatever their criteria is at the time
First Steps
Posted - 05 September 2010 : 17:44:10
