www.iva.co.uk

My new partner has an iva and has recently left his wife. It is possible he will today lose his job as well. He thinks his best option is to go bankrupt. Is he right? live on disability banefits and a small civil service pension. Will I be affected?

Hi and welcome to the forum.

Firstly, he needs to speak to his IP and let them know what is happening. It sounds as though BR could be an option.

If you have no joint finances then you won't be affected at all.

It is impossible to say if bankruptcy is his best or only option and he should speak to his own IP. However, his IVA or bankruptcy will not affect you so he should not take this into account when deciding what to do.

Does he own a property with his ex-wife where there is current equity?

Yes there is some equity probably about £15,000

Hi Creakyspice welcometo the forum.

Unless an offer can be put to the Official Receiver in lieu of his share in the equity it is likely the house will be taken into account in the BR which will of course affect whoever is living in the property. It is best your partner speak to his IP to look at his options moving forward once it is known about his job today. His IP will have first hand knowledge of his circumstances and case in detail.

Let us know how he gets on and if either of you need any further advice or support.

Thank you Tina. The wife is in her 50s no children under 18 so she can re-locate easione I think.ly and has relatives very nearby. Selling the house would be an advantage to every