www.iva.co.uk

If my IVA is rejected will my IP still be involved with bankruptcy proceedings or do I deal with it myself.

Lesley

That depends upon your IP and the terms of the contract you have with him/her. Most IP's will give you advice as to how to go about declaring yourself bankrupt - which is a fairly simple process comprising some form filling and a trip to your local Court.

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

Hello Lesley,

If your IVA is rejected, you could consider bankruptcy.

If you decide to go bankrupt you should take advice from your local Citizens Advice Bureau (or similar organisation) or your insolvency practitioner.

Once a debtor has been discharged from bankruptcy, they are no longer liable for any outstanding debts, as long as they were detailed in the bankruptcy proceedings. This provides a "fresh start" for those unable to clear their outstanding debts within a reasonable timescale.

Good luck with your IVA.

Regards,

Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi Lesley

Hate to say it but I think depending on your IP/IVA company their interest in any bankruptcy is likely to be not unrelated to the amount of fee income that it might generate.

-Best

'5 years sticking my head into the Lion's mouth of debt !'