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Sharon53
Junior Member
194 Posts |
 Posted - 25 July 2008 : 23:01:29
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My son has had an IVA which is on the point of being failed as he cannot afford to pay it. He intends to apply for bankruptcy but in the meantime I am concerned about what will happen. He has a young family and I am worried that they will be harassed by debt collectors or bailiffs or
worse. This is totally unknown territory for me and the worry is making me ill.
During the time my son has been struggling with his financial problems I have paid for many of his household items, some of which could be considered assets, such as
TV and computer, will he lose these if he goes
BR or would they be mine as I bought them, although there is no way I can prove it other than my diminishing bank account. How many debtors exhaust their family's finances before sorting their situation out?
Can you tell me what is likely to happen and what is the best action to take please?
Sharon
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 July 2008 : 23:06:52
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Hi Sharon
And welcome to the forum. I can't answer your question but there are many experts on here that can help to point you in the right direction and put some of those worries at ease.
Hang on in there and one of the experts or other forums members that know more than me will be along shortly too give you that advice.
Take care
Jo
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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Edited by - Needafriend on 25 July 2008 23:07:24 |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 26 July 2008 : 13:40:26
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Hi Sharon,
Try not to worry firstly your son's household items will be safe in Bankruptcy.
The Trustee in Bankruptcy will only be interested in assets of value i.e. Property, vehicles etc.
In the time leading up to the Bankruptcy your son will only face bailiffs if any of the creditors take legal action via the courts so depending on the life cycle of his debts depends on the timescales he has to work to so the sooner the better.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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IVA on the point of failure what is best action?
