www.iva.co.uk

I am currently in an IVA, my payments were suspended in September 2008 as a result of unemployment. I had to leave my place place of employment as a result of an industrial accident which has left me with a lifetime disability of 20%. My payments are due to resume in March however i still remain unemployed with little chance of regaining full time employment. My IVA will then propabally fail with the result, Bankruptcy.
I am due to marry in the summer to my partner who is financially secure with property. My question is how would my marriage affect my wife and her assets when we marry. We have no joint assets.

Hi again kens

Do you have any personal assets which would be affected by bankruptcy. This procedure is unlikely to affect your partner's property, unless you have lived together for some time and you have contributed to the running of the property or paid for any improvements. Is this the case?

Well her assets will never be touched even when you get married. They belong to her. If you have no assets now is it not better for you to declare bankruptcy youself now? By the way are you not due any lump sum from the accident and any disability pension? This might be affected by any bankruptcy so post here what information you have.

Thankyou both for your very helpful responses. In relation to my partner and i we have lived together at her property since November 2008, i do not contribute financially to the houehold and have not contibuted financially to any maintenance of the property.

I have one asset which is a car valued at £2200 on my IVA, my injury is such that i have mobility problems and require my car to get around on a day to day basis. Clearly i would wish to retian my car.My income is Private Pension £697.00 per month net and Industrial Accident Benefit of £27.36 per week, i do not recieve Job Seeks allowance or Housing Benefit.My major expenditure is voluntary maintenance payments in respect of my son of £300.00 per month.

The circumstances of my injury is such that i can not continue in my previous employment or any other employment which would necesitate standing or driving for extended periods. I had considered applyig for Bankrupty myself however thought that if my IVA fails then my creditors have that option as it is a cost that i can not afford at this time, my partner would pay the cost however i and contious that i must sort out my own nightmares.

Is it felt that i would be better to apply for my own Bankruptcy. Could i add that Wilson Phillips who administer my IVA have been great throughout.

If you do decide on bankrupty, it is better to do it yourself. Your creditors are unlikely to do so, and if you approached any assisted bankruptcy firms, they will charge a lot of money to do it.

Visit this site, and it will explain things.

http://www.insolvency.gov.uk/

As regards your car, have you applied for mobility allowance? If you did and manaaged to get it, you could have a brand new car every 3 years and it would not affect your IVA.