made bankrupt and advised to look at an iva.

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vince t

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Post by vince t » Sat Aug 23, 2008 3:56 pm
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I have been made bankrupt today and i have been advised to look at an iva. Can one set it up oneself or would i require specialist agency.
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Viki.W

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Post by Viki.W » Sat Aug 23, 2008 3:59 pm
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Hey vince, welcome to the forum. Can you just clarify that you actually went to court and the judge has declared you bankrupt.
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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drowning-mummy

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Post by drowning-mummy » Sat Aug 23, 2008 4:20 pm
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That doesnt sound right Vince. Are you sure that they didnt say an IPA? If so then you will learn more about this in your OR interview. Can you post some more details, then we can help you some more.
"Theres always time to fly a kite....."

Visit my blog:
http://drowningmummy.blogs.iva.co.uk/?p=3
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ann.s

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Post by ann.s » Sat Aug 23, 2008 5:54 pm
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That dosn't sound right to me either, I thought If you were declared BR then you couldn't enter in to an IVA, the experts will be along shortly.

Ann
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chris.g

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Post by chris.g » Sat Aug 23, 2008 5:55 pm
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Your either in an IVA or declared br...not both. I think you need to get some clarification on what you have been advised.
It's nice to be back......
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freelili

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Post by freelili » Sat Aug 23, 2008 6:05 pm
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I agree with the others.

Can you be make bankrupt on a Saturday?? Have you recieved a letter from a creditor saying they are going to make you bankrupt?
LILY

http://freelili.blogs.iva.co.uk

I asked God for an answer, I have to live with his reply.
Exsisto an angelus quod planto quispiam sentio melior.
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kallis3

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Post by kallis3 » Sat Aug 23, 2008 6:21 pm
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Yes, I totally agree too. You cannot be both and I can't see a court making a br order on a Saturday.

Vince, you need to supply us with more details.
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.
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Maz

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Post by Maz » Sat Aug 23, 2008 7:10 pm
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I am confused here too! I always thought that bankrupcty was a last resort if an IVA was not an option. Would an IVA not have been offered as a solution prior to being made bankrupt depending on circumstances etc.? [?]
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Adam Davies

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Post by Adam Davies » Sat Aug 23, 2008 8:03 pm
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Hi
You can enter into an IVA after bankruptcy but you will need to act fast and contact an Insolvency Practitioner asap
Regards
Andam Davies
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sjbyron

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Post by sjbyron » Sat Aug 23, 2008 8:29 pm
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To my understanding, a bankruptcy can be reversed using an IVA, However this is usually done, when a creditor or creditors have petitioned for your bankruptcy.

If this is done, the Bankruptcy will be nul and void and the debts would remain for IVA proceedings.

Whereas, if you are made bankrupt you may have to make an Individual Payment Arrangement (IPA) Depending on the courts you may have seen an Official Reciever today.

Good Luck
Stu J Byron
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MelanieGiles

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Post by MelanieGiles » Sun Aug 24, 2008 3:04 pm
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There is no reason why anyone who has been declared bankrupt could not then propose an IVA - and I have acted in many cases like this.

I assume that you were made bankrupt by a creditors, and that the OR has suggested this to you?
Regards, Melanie Giles, Insolvency Practitioner
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