hi guys, I have debts around 50k and planning to go on a bankrupt or an iva. but the question is the property i live in is solely owned by my wife and i do not have any beneficery interest meaning i don't contribute anything towards the mortgage nor council tax. but i contribute towards the food and other living expenses. we have 2 children and the property has equity around 100k. if i go either bankrupt or iva will the property get effected? all my debts are unsecured. please advice
In BR they have more power to dig around and, maybe, if they have the will, could challenge the equity position ( much as your lawyer would in a hypothetical divorce settlement ). In an IVA they might think the same way, but might not have the clout to prove it / argue the case.
With an IVA you can get this settled before proceeding. If you opt for BR you will only discover what they intend once the wheels are already in motion and you will have no brakes !
There is the chance that the house will get ignored in both scenarios --- but I would not like to make that call !
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