iVA after entering bankruptcy

Get expert opinion. This is the place for new questions to be posted.
13 posts Page 1 of 1

IVA

chris121
Posts: 4
by chris121 » Tue Oct 17, 2017 5:17 pm
I have been made bankrupt and I think having an IVA would be the best option for me, any recommendations. something needs to be sorted and quick due to my circumstances
User avatar
Foggy
Forum Expert
Posts: 24148
Contact
by Foggy » Tue Oct 17, 2017 5:35 pm
If you have already been made bankrupt you will have to get that set aside to allow an IVA to proceed. I would suggest you have a chat asap with an IVA provider.
chris121
Posts: 4
by chris121 » Tue Oct 17, 2017 5:41 pm
Foggy wrote:
If you have already been made bankrupt you will have to get that set aside to allow an IVA to proceed. I would suggest you have a chat asap with an IVA provider.

any recommendations
User avatar
Foggy
Forum Expert
Posts: 24148
Contact
by Foggy » Tue Oct 17, 2017 5:52 pm
chris121 wrote:
Foggy wrote:
If you have already been made bankrupt you will have to get that set aside to allow an IVA to proceed. I would suggest you have a chat asap with an IVA provider.

any recommendations



I am not allowed to make recommendations, but I would suggest a look around the forum where you will see a few posts made by representatives of firms who contribute freely to helping clients and non-clients alike and. of course there are also the forum sponsors (top right).
chris121
Posts: 4
by chris121 » Tue Oct 17, 2017 6:03 pm
can I go into an IVA after bankruptcy, will the creditors actually agree to this as they will probably think that bankruptcy will get them a better return. anyone I can speak to who can advise
User avatar
kallis3
Forum Expert
Posts: 72036
Contact
by kallis3 » Tue Oct 17, 2017 6:13 pm
Merged topics.
User avatar
MerlinL14
Posts: 1169
by MerlinL14 » Tue Oct 17, 2017 6:51 pm
Unless you have a good lump of equity in a house or savings etc. then creditors will get nothing near the return from Bankruptcy than an IVA. You really need to speak with several IVA providers or your CAB. If you have already been made Bankrupt then that decision is already made, you can't opt out of BR by getting an IVA.
User avatar
sheraz.butt
Industry Expert
Posts: 153
by sheraz.butt » Tue Oct 17, 2017 7:55 pm
It depends on what stage the Bankruptcy is up to.

Speak to an IVA provider who can help see if an IVA is an option with the your situation but as mentioned already, i would do this as soon as possible if you want to give yourself a chance.
chris121
Posts: 4
by chris121 » Wed Oct 18, 2017 12:15 am
i have been made bankrupt and have been to see the OR and this has been passed onto an external IP, can I go into an IVA after being made bankrupt as I think this may be the best option for me
User avatar
Foggy
Forum Expert
Posts: 24148
Contact
by Foggy » Wed Oct 18, 2017 6:43 am
Topic merged.
User avatar
Lisa Thomas
Industry Expert
Posts: 6027
Contact
by Lisa Thomas » Wed Oct 18, 2017 8:37 am
You would need to get the IVA in place and then annul the Bankruptcy. It depends on your assets as to whether it's worth it or not.
User avatar
Michael Peoples
Industry Expert
Posts: 15188
Contact
by Michael Peoples » Wed Oct 18, 2017 8:50 am
It is also very expensive to get out of bankruptcy as the costs alone could be in excess of £10,000 already. Unless you have substantial assets then it may not be worth it as by now there will be the fees to the Trustee in Bankruptcy ]TiB], the Official Receivers [O.R.] and the petitioning creditor. I have seen these costs go in excess of £20,000 and unless they are paid the TiB and O.R may object to any IVA anyway.
User avatar
size5
Industry Expert
Posts: 3072
Contact
by size5 » Wed Oct 18, 2017 11:29 am
I have dealt with probably in excess of a couple of hundred cases of this nature over the last 20 years, and, as Michael is fond of saying, the devil is in the detail.

You will not be able to annul the BR if the 12 months has elapsed and you have been discharged, but reading your posts, that seems unlikely. If an I.P. has only been appointed recently then those costs are likely to be at their lowest as yet, although they are preferential and can build up very quickly. It seems likely that you do have a property or other assets to protect so I would certainly not rule it out, and there are a number of factors that will make or break any IVA application, too many to list here.

If you want to send me a private message, you can find my details via the forum, then I will happily have a look at it for you, but that is down to you.

Regards.
13 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot] and 17 guests