Page 1 of 1
Posted: Sat Aug 23, 2008 3:56 pm
by vince t
I have been made bankrupt today and i have been advised to look at an iva. Can one set it up oneself or would i require specialist agency.
Posted: Sat Aug 23, 2008 3:59 pm
by Viki.W
Hey vince, welcome to the forum. Can you just clarify that you actually went to court and the judge has declared you bankrupt.
Posted: Sat Aug 23, 2008 4:20 pm
by drowning-mummy
That doesnt sound right Vince. Are you sure that they didnt say an IPA? If so then you will learn more about this in your OR interview. Can you post some more details, then we can help you some more.
Posted: Sat Aug 23, 2008 5:54 pm
by ann.s
That dosn't sound right to me either, I thought If you were declared BR then you couldn't enter in to an IVA, the experts will be along shortly.
Ann
Posted: Sat Aug 23, 2008 5:55 pm
by chris.g
Your either in an IVA or declared br...not both. I think you need to get some clarification on what you have been advised.
Posted: Sat Aug 23, 2008 6:05 pm
by freelili
I agree with the others.
Can you be make bankrupt on a Saturday?? Have you recieved a letter from a creditor saying they are going to make you bankrupt?
Posted: Sat Aug 23, 2008 6:21 pm
by kallis3
Yes, I totally agree too. You cannot be both and I can't see a court making a br order on a Saturday.
Vince, you need to supply us with more details.
Posted: Sat Aug 23, 2008 7:10 pm
by Maz
I am confused here too! I always thought that bankrupcty was a last resort if an IVA was not an option. Would an IVA not have been offered as a solution prior to being made bankrupt depending on circumstances etc.? [?]
Posted: Sat Aug 23, 2008 8:03 pm
by Adam Davies
Hi
You can enter into an IVA after bankruptcy but you will need to act fast and contact an Insolvency Practitioner asap
Regards
Posted: Sat Aug 23, 2008 8:29 pm
by sjbyron
To my understanding, a bankruptcy can be reversed using an IVA, However this is usually done, when a creditor or creditors have petitioned for your bankruptcy.
If this is done, the Bankruptcy will be nul and void and the debts would remain for IVA proceedings.
Whereas, if you are made bankrupt you may have to make an Individual Payment Arrangement (IPA) Depending on the courts you may have seen an Official Reciever today.
Good Luck
Posted: Sun Aug 24, 2008 3:04 pm
by MelanieGiles
There is no reason why anyone who has been declared bankrupt could not then propose an IVA - and I have acted in many cases like this.
I assume that you were made bankrupt by a creditors, and that the OR has suggested this to you?