Hi, firstly i must admit i am new to this so really don't understand it. I have a debt with HMRC and they are pushing for bankruptcy as i cannot pay £42k within 12 months. (who can) When this debt first started in 2013 i had a business partner (partnership not ltd), who left end of 2014. The debt has carried on to this point.
Is it possible to complete an IVA under these circumstances? I have equity in my property but no means to release it?
How does this affect myself and my ex business partner? What steps should i take first?
Sorry lots of questions just hoping someone can help
HMRC are often included in IVA's, but are far more 'hard headed' than most creditors and probe to making amendments to improve the outcome, from their point of view, or refusing altogether if they see a better way (for them).
Only your share of any liability could be included in your IVA, if agreed, leaving the ex-partner to deal with their share themselves.
I would suggest a chat with at least two different IVA providers, preferably experienced in dealing with self employed, to compare advice. Maybe a smaller to medium sized company that will give more individual attention than the large 'IVA factories' would also be advisable.
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