I am a qualified social worker, my partner and I have a new business and I also work self employed as a SW. Our business is not taking money at present and we also have lots of personal debt, loans etc. Can we still keep our business if we file for an IVA. As far as I am aware if I filed bor Bankruptsy I would not be able to practice as a social worker is this true? Also what about debt management would this be an option as I don't want to not pay my debt back we just need a break until our business starts to take income.....Thanks
I am not sure what the position would be with regard to a social worker, that would probably depend on the employment conditions for anywhere you worked.
You can consider DMP or IVA. Both are based on disposable income.
I recommend that you speak to a professional - visit www.iva.com for a list of companies and reviews and give one or two a ring. They will give you free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is not a definate that you would lose your business under bankruptcy proceedings - this would be down to the discretion of the Trustee.
It would be a good idea to have a chat with an insolvency practitioner to get full details of all of the options available to you, and how they would affect the running of your business.
