| T O P I C R E V I E W |
| nigeldh |
Posted - 08 November 2008 : 20:09:14
Can you still be made bankrupt if you have an iva |
| 5 L A T E S T R E P L I E S (Newest First) |
| go_4_broke |
Posted - 09 November 2008 : 13:28:28
Some recent discussion in the IVA forum suggested that in a failed IVA there would not automatically be a BR application, unless there were worthwhile assets to nab.
It seems just as likely (if not more so) that you would be back to square 1 and have to do BR yourself as Jo suggests above.
'Bankruptcy - an elephant from the front - a mouse from the back' |
| Needafriend |
Posted - 08 November 2008 : 21:45:52
Your Welcome :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| nigeldh |
Posted - 08 November 2008 : 21:44:02
Thanks for the replies, really appreciate it.
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| Reviva UK |
Posted - 08 November 2008 : 21:40:55
Hi
You could in theory be made bankrupt whilst in an IVA if you had taken out new debts not covered by the IVA - This would also be a breach of your IVA terms & conditions.
Alternatively if you have missed X payments and your IP has help a meeting of creditors they may vote to petition for your bankruptcy.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Needafriend |
Posted - 08 November 2008 : 21:39:19
Hi Nigelh and welcome
Yes you can but from what i understand you have to default on the agreed payments and the IVA company would then start proceedings for the BR.
If you are struggling with the payments you could try and see if your IP can lower the payments for a while, otherwise if you think BR is your last option you could look into going BR yourself.
If you do you must obtain a cert of failure from your IP as some courts require this to be able to proceed with the BR petition.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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