more prudent to go bankrupt and start again

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philip_h

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Post by philip_h » Thu May 22, 2008 11:58 pm
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A married couple both on PAYE have entered into an IVA. This couple have no assets(property) or mortgage? They live in rental accomodation. Would it just be more prudent to simply go bankrupt and start again?
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MelanieGiles

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Post by MelanieGiles » Fri May 23, 2008 12:06 am
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Hi philip and welcome to the forum

That would depend upon whether they felt obliged to paying their creditors back or not! Undoubtedly anyone in that same situation would be "better off" financially by declaring themselves bankrupt, but that does not necessarily equate to being "better off" morally.
Regards, Melanie Giles, Insolvency Practitioner
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