Am I insolvent?

[JustPlainStupid]

Hi all

I'm just having to sign some bits for my divorce. I started my IVA in 2015 and it should end this year.

In one of the forms, there is a declaration of solvency which says asks me to declare that I'm solvent in as much as I can pay by debts as they become due and that my assets exceed my liabilities. So I *can* pay my debts as they fall due and my assets *do* exceed my liabilities. But at the point where my IVA started, I was obviously insolvent.

So, am I insolvent now, even though my circumstances have changed?

Cheers
Andy

[Foggy]

In a word, yes ! Until such time as the IVA concludes successfully you still owe the full debt, fees and possible interest --- if your IVA failed tomorrow, would you be able to pay the debt ?

[JustPlainStupid]

In a word, yes ! Until such time as the IVA concludes successfully you still owe the full debt, fees and possible interest --- if your IVA failed tomorrow, would you be able to pay the debt ?

Cheers Foggy! You really should get some sort of award. The speed at which you respond makes this more like a live chat than a forum!
The answer is complicated I've just posted regarding that. By the time I've written this, you'll probably have replied to that one as well!

Ok, well I'm just filling some gaps for the solicitor so I've flagged it - I had told them this but I guess they're using boilerplate docs and forgot to change it. I don't want to declare something that will go in front of the court that isn't true. I guess it'll be up to my solicitor to make the call.

[luluj]

Best to let the solicitor determine but agree with foggy ...all depends on the time of questioning and as to whether you could afford to pay .... glad you find the forum of use.

[Lisa Thomas]

You are insolvent, hence the IVA.