My partner had been considering an IVA. However after lots of research we now think BR could be the way forward.
Our current situ is: He has 60k unsecured debt costing 900pm. He is currently selling his house, hopefully completing in 6 weeks. No profit to be made but one less headache. We jointly own 2 properties, neither currently in equity and unlikely to be in next year or so. His outgoings are greater than his income (incl. rent etc and my contribution to mortgages) He has managed to make repayments to date but not for much longer. We would ideally like to hold onto one of the joint properties. I have recently become self employed therefore no full year of accounts to show and would have to rely on a decreasing number of self cert mortgages. We live in Northern Ireland. Although he is from the south of ireland.
Here are our questions; Baring in mind house prices are likely to remain low for the next 12 - 18 months, and the ongoing difficulties of maintaining IVA repayments (after which they may demand the equity of the property anyway), would BR be better for us? Given that there is no equity in joint properties - what would happen to these in the BR process? Can we do anything to hold onto one of these properties? Would the BR effect his income? i.e. additional repayments or any overtime income? What should we be doing about our current repayments. We won't last another month of making these payments. Is it better to make reduced payments? Should we send some sort of letter to the banks etc? IVA suggests setting up seperate bank account straight away for salary and mortgages. Anything like this apply to BR? Does the BR need to be declared in the South of Ireland? Does BR affect your chances of a foreign visa? Is one year a standard BR?
Apologies for all the questions in advance. Its so hard to make a decision without all the right info. Thanks for your help in advance.
Hi contactm the bankruptcy laws in Scotland & Northern Ireland are different from those in England & Wales. I can't speak for the other experts but I'm afraid I am familiar only with the rules governing England and Wales and, therefore, I am unable to advise you.
hard to make a decision without all the right info
Posted - 07 August 2008 : 01:36:05
