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IVADougie
Starting Member
United Kingdom
15 Posts |
 Posted - 29 July 2010 : 12:57:08
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Hi all
I've been a regular poster on the sister IVA forum for a while but there is a possibility that I may have to petition for Bankruptcy soon with my wife as our IVA may be about to fail.
If this is the case my wife will have to give up her teaching job to be a full time Mum to our kids as we will be unable to pay for the Nursery places we currently use.
In this scenario we would have virtually no disposable income at all apart from the income tax that I believe gets paid over and our home is in negative equity by around £50k. Would we be restricted from her going back to work after the Bankruptcy was discharged for a period of time (say 3 years) or if you have no disposable income at the outset would we be clear after 6 months or whatever time we were undischarged?
Thanks in advance for any help, this is a crucial factor in our decision making process! |
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RHB
Senior Member
1159 Posts |
Posted - 29 July 2010 : 13:31:57
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| Not quite sure why your wife would ave to give up work? Nursery fees are allowed as part of your income & expenditure. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 July 2010 : 14:12:23
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no restriction on time frame your wife would work after BR.
again see other recent posts about changing life style and work patterns to avoid IPA.
good luck regards Richard |
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IVADougie
Starting Member
United Kingdom
15 Posts |
Posted - 29 July 2010 : 14:35:50
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To clarify, our IVA did not originally make provision for child care fees as we were lucky enough to have free care from a relative, things have since changed so a variation is being requested but it significantly lowers the dividend. If creditors reject this we cant pay the Nursery and maintain the IVA. If we had to go Bankrupt it made more sense for the wife to give up work and take on the childcare for a while as we would probably lose the house.
Not seen other posts about this but are you saying the OR would take a dim view of this as we would be avoiding the IPO.
I just need to get out of this mess as quickly and painlessly as possible. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 July 2010 : 15:25:24
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Unlike an IVA, The offcial receiver appears more flexible for changes in life style and income.
have a read on some of the other recent posts as if i retype it would be out of context and my response could be read as rude, i do not want that, as that is not intention.
speak to your iVA provider and see if they can assist with bankruptcy or other options, think you said in previous thread that Mel has been helping you, in that case drop her a line.
regards Richard |
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RHB
Senior Member
1159 Posts |
Posted - 29 July 2010 : 16:57:51
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| The IVA will allow for childcare as would an IPO. |
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IVADougie
Starting Member
United Kingdom
15 Posts |
Posted - 29 July 2010 : 19:10:20
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quote:
Originally posted by Richard P
Have a read on some of the other recent posts as if i retype it would be out of context and my response could be read as rude, i do not want that, as that is not intention.
Any chance of a link to a similar post? I can't find anything related, and don't worry I won't take anything personally that you type, if it's not the done thing please say so, I have broad shoulders!! |
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Skippy
forum expert
United Kingdom
3290 Posts |
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Topic |
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Advice regarding Payment Orders
