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Is IVA advisable?

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by jane452 » Sun Jun 11, 2017 1:55 pm
Hello, I was made bankrupt in April by a company. At my interview with the official receiver I only said I had the one creditor, as I had hoped I would be able to pay it off, but now I am very worried I might lose my home and business (leasehold) and I can't pay it off soon enough and I had not realized the fees the official receiver etc charge. I do have other debts, and someone has suggested I might be eligible for an IVA, any advice much appreciated.
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by Foggy » Sun Jun 11, 2017 3:43 pm
You need to straighten this out with the OR ---- all of your debt should have been included in the BR and this could cause problems further down the line. You cannot enter an IVA for some debts whilst under a bankruptcy order for others.
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by kallis3 » Sun Jun 11, 2017 4:14 pm
Agree with Foggy - all debts should have been included so you need to get this sorted asap.
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Michael Peoples
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by Michael Peoples » Mon Jun 12, 2017 8:44 am
You could propose an IVA post bankruptcy but this is not straightforward and depends on whether creditors would accept it. You need urgent advice from an insolvency practice or you do stand to lose your home and business.
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Lisa Thomas
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by Lisa Thomas » Mon Jun 12, 2017 8:52 am
It may just be one creditor that made you Bankrupt but once you have completed your questionnaire the O.R can update the list of creditors.

It is a little more complicated and expensive to propose an IVA post Bankruptcy and then annul the Bankruptcy but not impossible - it will depend on your circumstances.

Speak to a local IP in your area and arrange a free initial meeting to discuss whether its viable for you.
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