IVA when already bankrupt ?

[Lawrence]

I was made bankrupt over 18 months ago for a sum of £25,000. I recently spoke to my trustee who informed me that the sum I owe is now £56,000. They have valued my home and are pushing for me to sell. I have been in touch with a company who offer help with bankruptcy and they informed me they can no longer help as once the debt is paid off i wouldn't have any collateral remaining in the house. Someone mentioned an IVA but I am unsure if this is an option with me already being bankrupt. I would appreciate any advice you may be able to offer.

Many thanks

[Adam Davies]

Hi
You need advice from an IP.
It is possible to enter into an IVA once bankrupt but I'm not sure of the time scale
Hopefully Melanie or Ian [both IPs] will advise
Regards

[MelanieGiles]

If you have been discharged from bankruptcy, then you cannot present an IVA for the debts that were included in the bankruptcy, as you have been discharged from them I am afraid.

[Dee]

This post has really confused me. Can anyone explain how this situation can occur?!?

Dee

[TheMatrix]

Confuses me as well as I thought discharged meant that was it in terms of claims that can be made against you, or have I missed something?

[MelanieGiles]

When you are discharged from bankruptcy you are discharged from the debts, so you cannot therefore put an IVA forward after that time as technically you are no longer in debt.

[Dee]

Thanks Melanie

I just dont understand why you would need an IVA then. The post talks about owing a said amount after being made BR 18 months ago?

Dee

Sorry if I'm sounding a bit dense[?]

[chris.g]

I think it's because they want to sell the house,
xx

[TheMatrix]

I can only assume the house was included in the BR before discharge. They cannot surely claim the house after discharge otherwise.

[chris.g]

They have 3yr I think to claim/sell/charge any property. I'm guessing that the IVA would be to pay the amount the OR will raise from the house.....??
xx

[MelanieGiles]

There is nothing to stop someone wanting to do an IVA post-bankruptcy, especially if someone has been made bankrupt as a result of a creditors rather than a debtors petition.

[Adam Davies]

Hi
Some people are not automatically discharged after twelve months if they have a BRU or BRO,so you can still be in debt after 18 months.
Regards

[Dee]

Hi

Thanks for that now I understand.

Dee

[Skippy]

As far as I know the only way you won't be discharged after 12 months is if the OR decides to suspend the discharge. Even if you get a BRO/U you will still be discharged and your name will come off the insolvency register.

[MelanieGiles]

That's correct Skippy. Discharge is not affected by a BRU or BRO strangely.