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I am currently in an IVA, but can no longer afford to make the payments. Does the IP petition for bankruptcy or should I do it? Also, what happens to my property - I currently do have some equity in it? How long does the process take?

Thanks for your help

Hi you need to look at your proposal, it should say but it will be quicker to do it yourself but at your cost.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

I did it myself - I just wanted it over and done with as quick as possible.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

As you have equity in your property, your Supervisor will probably want to petition for your banktruptcy and have himself/herself appointed Trustee. This could have some advantage for you as the Supervisor will probably fund the cost of the petition, and you will be dealing with someone who already has knowledge of your case. This also has benefits for your creditors, given that there will be some savings on costs as a result.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk