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b102
Junior Member
170 Posts |
 Posted - 21 August 2008 : 09:21:00
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Hi, I'm looking for some advice. I have been declared bankrupt in the last couple of days and owe about 10 to 12K. Since that I have been bombarded with companies advising me to contact them and they will arrange an IVA. I am concerned that i will lose my house as I have a little equity in it after a year (they can not do anything for a year as I have kids and the house is in both my husband's and my name). Is it better if I deal with these firms and arrange an IVA or let the bankruptcy run it's course and if so, will the house be safe. Please help with some good advice
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BankruptC
Senior Member
1030 Posts |
Posted - 21 August 2008 : 12:15:00
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Hi b102,
I'm not certain, but as far as I know, once you are bankrupt, you are bankrupt and there is no going back to an IVA. Have I got that wrong, John (or any other expert!)? As I see it, the only way to annul a bankruptcy is if you repay all the money owed.
As far as the house is concerned, we'd need some more info on present value and outstanding mortgage etc to be able to say if you may be able to keep it. If it is in negative equity, or is likely to be in the next year or so, it may be possible for a third party to buy back your beneficial interest for you, thus enabling you to keep the house.
Hope that helps a little. Please correct anything I've said that's wrong, experts!
Keep posting and good luck,
CG. x |
Edited by - BankruptC on 21 August 2008 12:16:43 |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 August 2008 : 15:20:06
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Hi
yes it is possible to go into an IVA post bankruptcy.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 21 August 2008 : 15:21:23
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oops SORRY!!!
I've learnt something there too. Really sorry.... |
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I'm looking for some advice
