could you go bankrupt with iva

[tracey.f]

could you go bankrupt with iva

[scaredkez]

if you fail to maintain the IVA payments then the IP can petition for your bankruptcy, or you could do it yourself if you can't meet the payments
kerri

[123debtsolutions]

Hi Tracy

Welcome to the forum.
Have you spoken to an advisor about your current personal circumstances? Have they assessed your case and advised that an IVA is the best solution?

Regards

Lee
www.123debtsolutions.co.uk - 08000 114 123

[MelanieGiles]

Hi tracey

You are entitled to petition for bankruptcy at any time during an IVA if you feel that you cannot keep up with the payments, or have a change of circumstances which renders the IVA unworkable.

Alternatively, if your IVA falls into default the Supervisor can petition for your bankruptcy - although creditors are now largely removing that opportunity from IVA proposals on the basis that they would rather have the opportunity to pursue you directly after a failed IVA than get nothing repaid under bankruptcy proceedings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Hello,


Knowing when to go bankrupt is not easy. It is one of those problems in life that does not have a clear answer. What complicates the decision is that it is 10% financial and 90% personal choices.

The financial component of deciding if you should petition for bankruptcy can be determined by looking at your assets to see if they have any value that you could be released by the sale or refinancing of those assets.


Kind regards,



Julia



For more information about IVAs, please visit my website:
www.supersonicsquirrel.net