yes....im thinking of it but be aware you may have to give up upto 70% of your disposable income depending on what you earn. Thats what is one of my worries
and its also if indeed you have disposable income. Being in work is no hinderance to filing for bankruptcy unless you work under FSA licence or a croupier. Check your contract of employment if in doubt to see whether there is a clause over bankruptcy, but in usual circumstances unless 'licenced' or dealing in cash there is not normally a problem. What is your job?
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Thanks for the replies. I would be doing this jointly with my husband who is a manager in the construction industry and I am in admin. We have been in an IVA for 2 years and sold our house and offered the remaining to our creditors which has been rejected. They now want to more than double our payments (which we can't afford) for another 3 years and take the money from the house sale. We had already paid back 1/4 of the money in the first 2 years. They basically want 100% back.
It was suggested by a local debt couselling company we declare bankruptcy as they feel we are being taken for everything they can get!
have you had this conversation with the IVA company?
definately worth the conversation with the IP who is acting as the trustee.
secondly if you do decide to go the Br route you will need to have the IVA fail first as the court clerk & Judge usually want to see that the IVA has actually failed first.
Lastly if you are looking to pay back 100% over 5 years in the IVA you may be better to review ALL the options if the IVA does fail.
You may be able to avoid Br by coming to a payment arrangement - frozen interest etc - over X years that will not cripple you etc.
However first stop would be to speak to the IP. If you don't get anywhere speak to one of the forum experts here as there may be some influence / ideas you might try with the IVA / IP.
Can I declare bankruptcy while still working full
Posted - 19 February 2009 : 19:21:44
