|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
Mike62
Starting Member
United Kingdom
31 Posts |
 Posted - 13 July 2010 : 23:33:30
|
Hi Everyone, our business has failed, we are going down the IVA route initially. However, our practitioner feels it's 50 50 as to success. My question relates to our two BTL's, currently in negative equity BUT do give us around £500 income after mortages etc. What will happen to them, will the OR see them as an asset?.
We are pretty much stuffed now financially and understand our house is going to go, so we are prepared mentally for the journey ahead...to a degree!...
Any advice would be very, very welcome.
Thanks all, Mike
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 14 July 2010 : 07:23:06
|
| Yes, the OR would want to see that money realised for your creditors. |
 |
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 14 July 2010 : 10:52:28
|
Hi Mike
welcome to the forum and sorry to read you predicament
I also had a number of BTL before opting for Bankruptcy
i would encourage you to fully discuss the process of bankruptcy and an IVA with different companies including the experts on this forum.
I am not certain that an IVA would give you the flexibility that you require, what if one of the proeprties became void ?
it is not absolute that you will lose your home !
i would recomend giving Paul and his team at Reviva a call.
Without knowing your full circumstances but from what you have typed you may qualify for a reviva plan.
good luck regards Richard |
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Investment BTL's
