I am a failed IVA now BR. If you have disposable income each month then you are expected to pay an IPA. It's not taken from your earnings its paid by you from your bank account. If you have an existing attachment from earnings then I need an expert to verify if this continues or stops. Things like debt to CSA are not included in BR but obviously you will have a much smaller disposable income from which to pay an IPA.
Thank you well I applied for a iva yesterday and I know its a big mistake already from what I have read up its not goner work think rather just get it all over with no I dont have attachment of earning just iva if I even get little bit of overtime I lose 50% so whats the point in that for 5 years might as well just start fresh thank you for the advice
I am probably not the best person to speak to about IVA's as I had a really tough time! I know what you mean - an IVA takes every last penny ..... and more! There must be some successful IVA's but for me BR has been a massive weight off my mind and I don't worry about how I am going to pay into my IVA each month. Good Luck Ian
Even though you have proposed an IVA , you will find the expenditure allowed in Bankruptcy to be much more realistic therefore where a disposable income was found when proposing an IVA there may be no disposable income in Bankruptcy.
THE REASON I DONT THINK IT WILL WORK IS DONT THINK WE ARE GONER BE ABLE TO FIND THE PAYMENTS BEEN TOLD THEY WILL DEDUCT 50% OF MY OVER TIME AND MY QUARTER BOUNUS WHAT GOES ON PROFITS OF THE COMPANY WHAT EVER I GET BEEN TOLD THEY TAKE 50% OF THAT NOW AS WELL WILL BANKRUPTCY ASK FOR 50 % OF ALL THAT AS WELL
It is possible that in an IVA you would be able to do overtime and keep the money initially but that every 6 months or 1 year you would need to update the IVA practioner about any changes in income and you might then find yourself paying more per month to account for the extra income from overtime.
It is worth doing an IVa instead of bankruptcy if you have a house you want to keep as in bankruptcy you would probably lose the house if there was any equity in it. If no property then bankruptcy sohuld be a better option.
I disagree with the point regarding losing a house in Bankruptcy.
The Bankrupts beneficial interest in the property would need to be released for the benefit of the creditors, however there are steps that can be taken to ensure the creditors get their fair share and the property is not lost.
Anyone considering Bankruptcy needs to think their option through fully and understand the process and procedures with regard to property and assets and what would be the cost to these in Bankruptcy.
Ian I suggest you seek advice from one of the experts regarding Bankruptcy to compare this option to the IVA.
It is always best to know all your options before making a decision.
Question!
Posted - 16 May 2008 : 07:23:25
