i need some urgent advice please.

[sio]

my ex partner entered into an iva in jan of this yr,he is self emp and has to find 600 pmonth for the iva plus 700pmonth for rent and bills! he is seriously struggling as work has not come in(he is a builder)his has very bad depression which i hav noticed and i really dont know where he stands regarding the iva if work comes to a halt!!

we owned a house together which i had to take on in my own name in november when we separated but we do not have any ties other than the children,i think he is considering going bankrupt but is scared that the house may have to be brought into the equation if he goes down that road.i need some urgent advice please.

[Kazzy E]

Hi sio, and welcome to the forum. I cannot help you with your query, as you need help from an expert, but just wanted to welcome you. Someone should be around to assist you further. Kazzy x

[plasticdaft]

If the house was transferred across to you recently then it would probably be taken into consideration if BR was the way he decided to go. Given the current climate it may be worth him asking if he can reduce his iva payments for a few months but if the slowdown is to continue then that may not be enough. Sorry its little help to you. Tell him to talk it over with his IP,what company is he with??

[moretolife]

hello to sia....welcome...i know it seems as if your problems are insurmountable...but there is usually a solution to be found...hope you get some support from experrts on forum

[MelanieGiles]

Is there any equity in the property? If so, then his share of this will almost certainly have to be taken into account under bankruptcy proceedings.

[Viki.W]

Hey Sio, I've just read your previous post from January and you did buy out the equity from your husband so this might make a difference if he does declare BR as I presume this was valued correctly and not undervalued. Melanie and Ian have advised you seek advice from a lawyer and I think that's what you should do now if he does want to go BR.