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hi i owe debts of £17,500 from an old buisness am working now for £300 a week, renting no assests child due next week, partner not working as child is due dont know what is best iva or bankrupt, how much can i earn it i go bankrupt and what about my furnshings in my house can they be seized really dont know best course of action any advice would be great thanks

Hi olliep and welcome to the forum

How much disposable income would be available to you each month to offer to creditors after the baby is born? An IVA will only work for you if you truly believe you can make regular ongoing payments, and this will be difficult with another mouth to feed.

In bankruptcy, your personal belongings will not be affected.

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

Hi olliep
Just to add you would not lose your furniture etc unless they are of great value, and you may have to make some payments for up to three years but the expenditure is usually more relaxed than an iva. Also if you have a car valued more than I think £3000 then you would be expected to downgrade.

Ang

Hello Olliep,

I agree with the other experts, only enter into an IVA if you think you are able to sustain monthly payments for a 5 year period.

To calculate your disposable income you take your monthly income (including tax credits and child benefit) and subtract your general living expenses, the amount left over is what you can offer your creditors each month.

Best Regards. IVA Experts