Can you please help im now left with nothing

[april1]

Hi
I live in N Ireland and have been in an IVA since 2006, I agreed at the start of my IVA that i would sell my house and pay 100% to all my creditors . My ex owned a business and put all in my name and i had to pay for all debts,at first it was said thst my debts totaled 169.00 but when i sold my house i gave everything to the arrangement this was 215.000. I am still in this arrangment to date there is no money left i have one asset that was excluded in my arrangment and now i am told the practioner did not really exclude it and it can be used. I have lost everything i cannot sell the flat cause of the market being terrible. I cannot raise a loan as i am listed as being in a IVA. I have now been served with bankruptcy papers as my insolvency pract says i am not comlying with the IVA. Can you please help im now left with nothing i am a lone parent with 2 kids.I think he has been contacted recently by a creditor relating to my ex and his rates bill which he says is is mine this was from 2003.Please help!!

[MelanieGiles]

Hi Victoria and welcome to the forum

Which IP firm is currently handling your case?

[april1]

hi Melanie,
My IP is Walter Lismore, Causeway Tower,9 James Street South, Belfast BT2 8DN

[Michael Peoples]

If you are made bankrupt is there much to lose? If you do not have a surplus income and there is little or no equity in your current property it may be the best option. Is there any equity in your property?

[april1]

Hi,
Yes there is £50.000 in equity. However Mr Lismore will not say what amount he requires to finish the IVA.I really dont know what to do?I have had 4 solid years and was told this was a better option is it fair to go bankrupt now? Thanks

[kazza24]

Hi

Are you saying you are being made bancrupt because you cannot release equity from your property ? Or are there other reason...have you missed payments for example ? x

[MelanieGiles]

I think that you should take legal advice before proceeding with any agreement with your IP. There is an excellent firm of specialist insolvency lawyers in Belfast called Napiers who I would recommend you to. Brigid Napier is a very well respected lawyer and and insolvency practitioner in her own right - and I am sure they offer a service where they will provide an initial consultation with you on a free of charge basis.