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floyd
Starting Member
6 Posts |
 Posted - 30 December 2010 : 17:21:46
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Hi,
I've read the posts regarding injury claims, and have a specific question about that:
I'm going to declare BR in 6 months, and now I'm about to receive 38k from an injury claim. As I understand, that doesn't count as an asset. Now the question: how should I deposit the money to make sure it's treated separately from my other assets? A separate bank account, or should I just keep the cheque? Thanks! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 30 December 2010 : 18:58:28
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Hi Floyd,
You shouldn't hide any money from the courts.
How much is your debt? You could always look into a lump sum IVA, keeping some of the money for essentials, and offering the rest as full and final payment.
Speak to on of the experts about your options.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 30 December 2010 : 21:29:41
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Hi and welcome to the forum.
Viki is right, you shouldn't hide money if you are planning on going BR. BR isn't something to be taken lightly, and if you can use some of the money from your claim to prevent it then it's definitely worth looking into.
I would recommend speaking to any of the professional experts who post on the forum, or taking advice from an insolvency practitioner. Have a look on www.iva.com for details.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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floyd
Starting Member
6 Posts |
Posted - 30 December 2010 : 22:13:50
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Viki and Tracey - thanks for your replies.
It's not my intention to hide anything - I just want to make sure that this sum is preserved as an injury claim, and that in OR's eye it doesn't "melt" with any other money I ever had in my account.
So, should I simply deposit it into my account, will it be deduced from the total sum by the OR?
(Btw, my debt is about 160k, so BR seems the only option) |
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debtinfo
forum expert
2826 Posts |
Posted - 31 December 2010 : 01:37:04
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| You could try a settlement with the money that you have, bankruptcy may be avoidable |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 31 December 2010 : 08:07:38
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Floyd,
With the amount you are getting and the level of your debt, bankruptcy is not the only option.
Please take advice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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floyd
Starting Member
6 Posts |
Posted - 01 January 2011 : 23:39:52
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What you're saying may be good news, thanks!
I'm not sure 38k could be enough, though - we have no other significant assets that we could use for that purpose. If that should be enough, on the other hand, I'll have to sell the property first won't I, to get the negotiation leverage through my ability to go bankrupt. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 January 2011 : 08:25:45
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Hi Floyd,
Lots of homeowners do full and final IVAs.
Is this your home where you live?
Is there any equity?
Please speak to an expert as it's hard to advise without knowing the full picture.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Injury claim
