If my IVA is unsucceful what does bankruptcy mean

[puffa]

If my IVA proposal should happen to be unsuccesful, my only other option is to go bankrupt, which is actually the cheaper options as my only asset is a car worth about 2k, i have no savings and rent from the council, but i feel a duty to pay back as much as i can afford to my creditors after all i borrowed it in the first place !,,

My question is in Bankruptcy what am i going to loose, I assume the car, but what household items are likely to be lost ??? I dont really have much indoors anyway.

Sorry if this sounds a bit negative and i hope my IVA proposal is succesful, but as the days tick by,, now 7 months, cant help but think that failure is heading my way,, I am almost sure my creditors are not going to wait much longer for payments,, and to be honest they have started to doubt my honesty with regards me even entering an IVA,, could they possibly Bankrupt me before the proposal is seen ???

Any builds or advice is greatfully received...

Best Regards
Steve

[aguise]

Hi Puffa
You wouldnt necessarily lose your car if in tis needed for work, and as you say is not of great value. You wouldnt lose household stuff either in general; though I have seen a post where the or took golf clubs and a camera I think. I think it is unlikely you would lose anything unless it has great value. Try not to worry hopefully all will go well with the iva. Theyt wont bankrupt you before the proposal.

Wait for other answers though.
Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[puffa]

thanks for the reponse Ang,, I am hoping things are ok, but just looking at the worst case at the min..

Steve

[Skippy]

If you need your car for your job (either to carry out your work or because there is no other way of getting there) it is unlikely the OR will seize it if it valued at £2k. General household items won't be seized by the OR.

Good luck with your IVA, I hope it doesn't come to BR for you.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Beechy]

Cars are always an issue but if you can justify that you need the car and the value is around the figure you quote then there should be no problem.

What makes you think that you IVA will be rejected. Your IP obviously thinks it reflects a reasonable proposition to your creditor or they would not have put it forward.
In you case with no assets I think you are showing real intent to creditors and if they do reject your proposal you can always hold your head high and say you did try to do the moral thing.


Dave Beech