If I go bankrupt, what will happen to goods

[keith.c]

Its a pass that allows me to use the buses and metro anytime in Tyne and Wear.
Work would take an amount from my salary for a yearly pass, it works out cheaper than running a car anyways

Cheers

KC

[chris.g]

Keith, I think Andy has a valid point though, providing you could raise the money for your bankruptcy another way, possibly borrow off family then you could pay them back, say, if you did sell your car after bankruptcy and OR meeting.......

[MelanieGiles]

Thanks guys - I don't think we have those in Wales! And if you can completely rely upon public transport for everything it may be a good idea.

[keith.c]

A car isnt 100% essential for me at the moment.
I could argue that I do need to get to the hospital quickly sometimes, for on-call, covering sickness, major incidents and the like.

As for day to day travel, the hospital i'm at now is a right royal pain to get to by public transport, and would add an hour (each way) to my already long days, meaning even less family time.

If I managed to go bankrupt then sell the car, wouldnt the powers that be see the money as windfall or the like?

Cheers

KC

[MelanieGiles]

Not if it was exempted in the first place.

[keith.c]

I've just received the letter confirming the failure of the IVA this month.
I havent paid into it since last July - the advice my practitioner gave me was miss 3 payments and the IVA will fail by default.

I might get to raise £480 by July this year because some of the household goods will be paid off on my wife's side.
What's likely to happen to me in the time leading up til then?
Will it be constant harrassment and baliff threats?
If so, how do i tell them I dont actually own anything in the house as its all in my Wife's name?

Cheers

KC

[MelanieGiles]

Until your Supervisor formally closes the IVA you are still bound by it and so are your creditors. Once creditors are notified that the IVA has been concluded, they will very likely start to chase you again.