My wifes business has suffered a severe downturn

[mark h]

My wifes business has suffered a severe downturn recently (credit crunch?) - she is now struggling with c/card debts. Does she qualify for an IVA (no consistent monthly income) and as I own the house and she is married to me is she considered a home owner?

[chris.g]

Hiya, if she has no stable income I very much doubt she will be able to enter into an IVA as this is one of the criteria. As for the house, is her name on the deeds/mortgage?

[Viki.W]

Hey Mark, welcome to the forum. Do you think that your wife can carry on trading and make a profit or is she thinking of selling? If you can post a few details regarding this and her debts then the experts can help. Although, I realise that the house is in your name, is there any equity you could release to help? X

[MelanieGiles]

Hi Mark

Your wife really needs to take advice from an insolvency practitioner as to her options, as trading situations can be quite complex and she should probably consult someone with experience of dealing with self-employed businesses.

Legally your wife is not a home-owner, but she may have developed a beneficial interest in your property as a result of yoru marriage. Again this is an area where specialist advice ought to be sought at an early stage.