My ex partner has an IVA and our home we own together has no equity. He claims that we can not sell the house as his IVA will not allow. I am happy to sell the house at a loss, would an IVA stop him selling the house if there is no equity anyway? Many thanks
The IVA does not prevent you from selling the property, but if there is a shortfall following the sale then this debt will have to be included into his IVA, and you will also be responsible for repaying that debt.
Your ex-partner will need to keep his IP informed of the intention to sell. If there is a shortfall would you be able to cover this?
Well due to a recent business failure I am looking at the route of bankruptcy. If I was to proceed with this before sorting the house would this automatically release me from the mortgage? I am in a bit of a pickle and stuck in limbo! I don't really want to go down the bankruptcy line, but if we sell the house at a loss I certainly wont be able to pay off the outstanding amounts. Thanks for your time
If the property is returned and you are bankrupt the shortfall would be included within the bankruptcy. According to our legal advice this would be the case even if the property was returned after the bankruptcy was over as the shortfall would revert back into the original bankruptcy.
