am considering IVA or BR.

[tor]

What?

[go_4_broke]

Hi tor,

Yes sorry about that!

The net result is that as long as your name is no longer on the deeds of your ex-wife's property and your interest is secured by way of a charge against it, nothing really changes.

In the event of your bankruptcy your interest in the property immediately becomes the property of the Official Receiver, but they will be bound by the terms of the charge.

Your ex-wife and child are therefore safe in the property until the child turns 18, when the OR/trustee could force a sale of the property for the benefit of creditors, unless someone else (for example yourself) could buy out the interest at that time.

All of which points to it being a situation your are best avoiding if possible.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

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

[tor]

Thanks

So then, what is my next step? I was considering contacting the CAB, or should i seek more specialist help? If so how much should i expect to pay for this and how long will the whole process take?

[Adam Davies]

Hi
Why don,t you contact a company on this site,it will cost you nothing.
If you decide on an IVA then it normally takes 6-8 weeks.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[tor]

Melanie, you said that you recently dealt with a similar case, would you be interested in looking at my situation and giving me some specific advise and help to carry it forward to an IVA

[MelanieGiles]

Hi Tor

I would be delighted to assist you with this matter. Please contact me via my website and I can then give you some specific advice with regard to yor situation.



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