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 bankruptcy postbag for july
 House equity and her bankruptcy
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Helpful Advice
Average Member

United Kingdom
646 Posts

Posted - 28 July 2008 :  22:55:50  Show Profile  Visit Helpful Advice's Homepage  Reply with Quote

Hi Chewy,

The other option would be for your ex to perhaps propose a full and final IVA .

In this instance she would offer a lump sum to the creditors in full and final settlement, however she would need to talk with or seek advice from a practitioner, she could settle for as little as 40p in the £1.

As you point out she will have a £15,000 shortfall if the house is sold and would walk away with nothing in Bankruptcy so this could be the best alternative for you both.

It would be dependant upon the credits voting in favor of the settlement though.

Kind Regards,

Brett England

Bankruptcy Specialist

England,Jackman & Spacey

WebSite www.ejands.co.uk

View my personal story & blogs at:

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Junior Member

United Kingdom
203 Posts

Posted - 28 July 2008 :  23:01:46  Show Profile  Reply with Quote
Thank you that could be a big help. Will update as I get news of my situation.
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