www.iva.co.uk

I started an IVA in October 2007 on separation from my wife. In May 2008 I was made redundant and have not paid on my IVA since. The former matrimonial home has been on the market since our split and the value has sunk below what we owe on it, £100k mortgage and £48k secured loan. So I have no property, job, income (other than JSA), savings, investments. My IVA practitioner suggests bankruptcy as a way to get clear in six to twelve months, assuming I stay out of work or in three years if I get a job and are able to pay something worthwhile into the Bankruptcy fund. The limitations on employment as a bankrupt should not affect me and I have no issue with the social stigma. Do you see any reason why I should seriously resist bankruptcy?

From what you've said I don't really see any reason for you not to go BR. However, this has got to be your decision. You will be discharged from BR automatically after 12 months, sometimes earlier. If you find a job before you are discharged and you have more than £100 per month surplus income you will get an Income Payment Agreement (for 50%-70% of the surplus) which lasts for 36 months.

I think from what you say that it is the ideal - and perhaps only - solution for you if you have no income and no assets.