Me and my husband are currently in an IVA but my husband may potentially be forced to go bankrupt if his creditors reject the variation we desperately need. I would appreciate if anyone could answer a few questions for me.
1. I understand the creditors will be intrested in his share of the equity in our property, which currently stands at about £20,000. So am i right in assuming they will want half of that? Also we really cannot afford to lose our home and i assume because im in an IVA it will be impossible for me to buy his part? If a relative was to buy it would they just pay the share of the equity? What would happen to the home after that, would it be in my name still and the relatives names? Can my husband be put back onto the mortgage at a later date?
2. WE dont have an luxury possesions at such, we have got a decent tv but its probably only worth about £600 now compared to when we first bought it. Do bayliffs turn up anyway to check your possesions first? What is stopping them just taking everything?
3. MY husbands car is on HP. Will he have to hand it back?
4. I understand you need to make payments from any disposable income. So would they take into consideration my husbands contribution to the mortgage even if he isnt on the mortgage so to speak? He is the main earner in our home. Would they payments be anything as high as what we currently pay to the IVA company? When do these payments start? Immediately or after the first 12 months?
Sorry for all of the questions, just my mind is racing. We have got a young baby at home and dont want to lose anything.
bankruptcy info needed please
Posted - 31 December 2007 : 14:48:05
