Currently in a IVA and want to go bankrupt

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kallis3

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Post by kallis3 » Mon May 23, 2011 6:44 pm
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It's a judge who issues the bankruptcy order, the OR deals with you afterwards. If you have a car worth more than about £2k you might be asked to sell it for a cheaper option.

The allowances now in bankruptcy are a lot stricter than they were and if your disposable income is more than £20 per month after priority bills have been paid you will have to pay it all across for three years.

There are a couple of posters who had to go bankrupt after being in an IVA and hopefully they will be on later to assist.

Speak to your IP in the first instance though to see if they can help you out.
Sharing from experiences of dealing with debt
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whitey98

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Post by whitey98 » Mon May 23, 2011 7:07 pm
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My partners car is worth 2 k but she's not going bankrupt also house is in negative equity big time all options are scary.
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Judo

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Post by Judo » Mon May 23, 2011 7:13 pm
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I think your best bet would be to talk to your IP first Whitey. If you are struggling in the IVA for some reason then there might well be something they can do to help you.

Even though your house is currently in negative equity, The OR would keep an interest in it for 2yrs 3mths (i think).
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kallis3

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Post by kallis3 » Mon May 23, 2011 7:18 pm
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The car would probably be ok but Judo is correct about the house.

Is it in joint names? If so and you were to lose it then your partner would become liable for the shortfall and would have to make payments towards it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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whitey98

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Post by whitey98 » Mon May 23, 2011 7:55 pm
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Ok and thanks
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whitey98

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Post by whitey98 » Mon May 23, 2011 8:19 pm
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What if you get a date for court but can't get the 700 fees for 4 months?
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kallis3

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Post by kallis3 » Mon May 23, 2011 8:36 pm
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Unfortunately you have to pay the fees on the day in cash.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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whitey98

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Post by whitey98 » Mon May 23, 2011 9:22 pm
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How would you loose it if it is 20k in negativity equity? They can't put her in debt otherwise what's the point?
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kallis3

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Post by kallis3 » Mon May 23, 2011 9:32 pm
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They can keep hold of the property just in case the housing market takes a turn for the better.

If it remains in negative equity then the OR can return it to you - not sure if you have to buy out the interest in it though. That would be something to discuss with the OR.

If she did lose the house then the shortfall from any sale would be included in the BR so she wouldn't be in debt.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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whitey98

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Post by whitey98 » Mon May 23, 2011 9:40 pm
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I don't understand what my debt has to to with her? I thought if she buys the interest then we have the
House back completely?
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kallis3

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Post by kallis3 » Mon May 23, 2011 9:43 pm
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I'm not 100% sure what happens these days as things have tightened up recently but it's not as simple as just buying the interest now.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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whitey98

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Post by whitey98 » Mon May 23, 2011 9:45 pm
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How long will the house not belong to us then?
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kallis3

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Post by kallis3 » Mon May 23, 2011 9:50 pm
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The house will still be yours, the OR just keep an interest in it for two years and three months.

Take a look at this link:

http://www.insolvency.gov.uk/

It should answer some questions for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Skippy

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Post by Skippy » Mon May 23, 2011 9:51 pm
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The OR has always had 3 years to deal with a property. They will now wait a minimum of 2 years and 3 years before they start the process.
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whitey98

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Post by whitey98 » Mon May 23, 2011 10:24 pm
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Thankyou verymuch for your help.
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