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I was declared bankrupt last month as I had seperated from my husband and was unable to conitue paying my debts. I am now hoping that we are going to be reconciled, and if so he is willing to raise some money to offer between my creditors as full and final settlement. We do not own a home, so if I went back this would not be an issue. If all went to plan, would I be able to have the bankruptcy reversed? I am at the stage where I have had my first interview with the OR.

Hi pets

I you are bankrupt then you cannot get the procedure reversed unless you apply for an annulment, which means that you would have to pay all of the debts in full, including statutory interest, and the costs of the Trustee.

You can still apply for an IVA post-bankruptcy, by either asking the OR to act for you or more realistically approaching a private sector insolvency practitioner. I have done several of these types of case in the past.

But why would you want to do this, when you are already bankrupt and will be discharged in less than a year?

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

I thought my bankruptcy may be affected by being reconciled with my husband. I have not worked in many years because I have 4 children...and do not envisage being able to do so in the near future realistically. However if I return home will my husbands income/outgoings etc not be brought into the equation as far as the OR is concerned? All the debts have I been declared bankrupt over are in my sole name by the way.

your husbands income and assets won't be brought into the equation as it is you that has gone BR, if you have no income then you won't receive an ipa, if you can be reconciled go for it, don't let the BR stand in your way, in 12 months you will be discharged and be able to put all this behind you.
good luck
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/