you are insolvent if you have more debts than assets or if you have more that is due to be paid each month than you have income. Since you are thinking about IVA's and bankruptcy then it is very likely that you are insolvent right now.
If you are entering an IVA you should be telling them about all debts including ones to family members.
Finally why are you entering an IVA if you are thinking about going into bnkruptcy within a year
I am entering IVA based upon the sale of a house in full and final settlement. Problem is that house sale has just fallen through which means I have 6 months to sell to satisfy the IVA. I presume that if it doesn't sell in this time the creditors will file for bankruptcy?
I am likely to file for bankruptcy within the next year
Posted - 03 September 2011 : 10:15:39
