if house doesnt sell ,bankrupsy !!!

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depressed

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Post by depressed » Mon Apr 07, 2008 3:41 pm
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hi ,i have had my iva accepted on the agreement that i sell my house to pay a lump sum one off payment ,i contacted my iva company because my house has been on the market since november ,i have been given a yr to sell my property but if it doesnt sell i have been told that the arrangement could either be extended or creditors may want to make us bankrupt !!
panic with the housing market how it is .
my husband runs a small business its not a ltd company if they made him bankrupt could he still run his business and keep his work vehicles ,he has a lorry and a van ? also i have a car for my dissabled daughter would that have to be sold ??? i know it might never happen and fingers crossed the house will sell soon ,but i need to know the answers just in case .
thankyou for your time .
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MelanieGiles

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Post by MelanieGiles » Mon Apr 07, 2008 9:08 pm
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I think it might be difficult for your husband to trade on in bankrutpcy, but not impossible. Why did he not enter into an IVA at the same time as you?

What value is your car?
Regards, Melanie Giles, Insolvency Practitioner
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depressed

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Post by depressed » Mon Apr 07, 2008 9:37 pm
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hi melainie its a joint iva myself and my husband,the car is worth around £3,000 but my daughter receives disability mobility allowance for a car as she has poor muscle tone .
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MelanieGiles

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Post by MelanieGiles » Mon Apr 07, 2008 10:36 pm
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OK - now I understand! I am sure that your car would be safe under bankruptcy proceedings but, looking on the bright side, let's hope that the property sells and it does not come to that.
Regards, Melanie Giles, Insolvency Practitioner
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depressed

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Post by depressed » Tue Apr 08, 2008 7:33 am
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thanks melainie ,
but you think it would be difficult for my husband to carry on with his small business ? ,
the debts were personal debts nothing to do with his business ? .
i know i'm looking on the gloomy side -sorry just need to know ,thankyou.
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MelanieGiles

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Post by MelanieGiles » Tue Apr 08, 2008 9:17 pm
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What sort of business is it?
Regards, Melanie Giles, Insolvency Practitioner
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depressed

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Post by depressed » Wed Apr 09, 2008 9:29 am
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hi melainie he is a self employed gardener / landscaper ,if they stopped him trading we would have no income other than the usual benefits ? would they still stop him trading ?
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MelanieGiles

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Post by MelanieGiles » Wed Apr 09, 2008 9:54 am
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I am sure that he will be allowed to carry on trading, but he would then need to account to the OR for his earnings.
Regards, Melanie Giles, Insolvency Practitioner
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depressed

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Post by depressed » Thu Apr 10, 2008 7:51 am
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thankyou melainie ,very good of you to get back to us ,what a relief .
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