Consequences of Bankruptcy

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jeremy

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Post by jeremy » Thu Jun 28, 2018 2:28 pm
Would I be better off going for bankruptcy than staying with the IVA and what would be the consequences ?

Foggy

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Post by Foggy » Thu Jun 28, 2018 2:52 pm
It depends on a whole raft of circumstances. Do you have any assets to protect (car, house, etc) ? Would BR impact on your job (some employers will accept an IVA but not BR? ? You would still probably have to make three years payments at a similar level than the IVA. The setting up of BR is far more intrusive than in an IVA and the OR can be more forceful and you will, at least for a time, be frozen out of your bank account. Many institutions, going forward, do look on BR more harshly than an IVA and your credit record will still be shot for the full 6 years.

Why are you contemplating the change ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Thu Jun 28, 2018 3:24 pm
How long have you been in your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Fri Jun 29, 2018 8:17 am
Here is my video on the Pros and cons of bankruptcy:

https://youtu.be/mAkQsVSCnqo

Pros:
Most, if not, all debts are written off

Cons:
  • Your assets at risk of being repossessed and sold
    Any windfalls received whilst BKPT will have to be paid into BKY estate unless and until total debts, interest and costs have been paid in full
    Can't be a Director whilst Bankrupt
    May have to pay contributions from income into Bankruptcy estate for 3 years
    Credit Rating damaged for 6 years from start of BKY Order
    Iva will have likely been an academic exercise as you will be starting again
n
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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