Filing A Bankruptcy Yourself After IVA Fails

[DebtDummy]

Hello all, sorry for asking alot of questions,but I find I get them answered here quicker than when I contact my case manager [x2x].

My question is: If an IVA fails do you have to use the IP who was handling it to petition for a bankruptcy? Can't one just file at the court him/herself and save money? OR the IP must handle the BR as well?

Thank you.

All I have left is my humour.

[jamesfalla]

If your IVA fails, then there is no reason to wait for your IP to petition for your bankruptcy. You can certainly do this yourself. In fact if your IVA has only been running a short while and you have no property, then it is unlikely that your IP will petition for your bankruptcy at all and you will be forced to do it yourself.

If you undertake the petition yourself, you will have to pay the Court and Official Receiver fees which combined are normally c£470. If your IP petitions for your bankruptcy, you will not have to pay. As such, it is well worth waiting to see if the IP is going to do the job for you before you act yourself.



James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

[DebtDummy]

Alright, thank you for the information.

All I have left is my humour.