Hi all,when my wife and i took out our IVA in Oct 2007 our costs in a forced bankruptcy[sale of house etc] was estimated at £19500 each. This was not disputed by our creditors,are these costs really a realistic figure £39000!!!! as they may be the only way they will accept my full and final offer,bearing in mind bankruptcy would normally cost us just over £500 pounds each.
There is a tax on all assets raised in bankruptcy which would form part of the costs. In addition, if your property had to be repossessed there would be estate agents, auctioneers, locksmiths, solicitors and security/insurance costs.
There are also other costs depending on whether you were made bankrupt or did it yourself and the Trustee would have to be paid. These fees and costs can add up to a substantial amount of money which is one of the reasons banks rarely bankrupt. Good luck with your full and final.
