IVA Fail - Bankruptcy

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Bruno Santos

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Post by Bruno Santos » Tue Jun 29, 2010 10:12 pm
Hi All
I am new to this forum but would like to ask the following question.

If I cannot maintain my payments and I fail the IVA, is going bankrupt the only option.
My wife is divorcing me and wants to keep the house for the sake of our two children. So if I go bankrupt can they make me sell the house which I only own 50% of even if I do not own it outright.
My so to be ex wife thinks they cannot not.

Pls advise

Tks
 
 

plasticdaft

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Post by plasticdaft » Tue Jun 29, 2010 10:19 pm
How much equity is in the property?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Bruno Santos

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Post by Bruno Santos » Tue Jun 29, 2010 10:21 pm
plasticdaft wrote:

How much equity is in the property?

Paul
About £20K before any fees and costs
 
 

plasticdaft

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Post by plasticdaft » Tue Jun 29, 2010 10:24 pm
If you went BR the official receiver would allow your wife to buy you out I believe(if she is in a position to do so). If thats not possible you would be expected to somehow release your share of any money tied up in the house I am afraid(to the benefit of your creditors).Thats not to say you would be forced to sell but they could put a charge on the house.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Bruno Santos

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Post by Bruno Santos » Tue Jun 29, 2010 10:28 pm
plasticdaft wrote:

If you went BR the official receiver would allow your wife to buy you out I believe(if she is in a position to do so). If thats not possible you would be expected to somehow release your share of any money tied up in the house I am afraid(to the benefit of your creditors).Thats not to say you would be forced to sell but they could put a charge on the house.

Paul
Ok tks Paul
I owe about £19K on my IVA. If I was to make a lump sum full and final paymenT what do you think I should be aiming for given my situation.
 
 

plasticdaft

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Post by plasticdaft » Tue Jun 29, 2010 10:33 pm
How far into the IVA are you?? Any full and final will have to offer creditors pretty close to the original dividend unless there are special circumstances,which arguably you have in your case,given that you will be finding somewhere to rent etc.
What was due to happen to the equity in the IVA?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Bruno Santos

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Post by Bruno Santos » Tue Jun 29, 2010 10:38 pm
I am about 10 mths into the IVA. There was to be some equity release in the 4th year. But you are right. With child maintenance and somewhere to rent I am screwed. I can get my hands on from a friend of about £10K. But is this too little given my circumstances?
 
 

Bruno Santos

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Post by Bruno Santos » Tue Jun 29, 2010 10:43 pm
13 pence in the pound
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