Hi all, I have just let my IVA fail as it was not working. I was working 7 days a week just to keep my head above water. I have now told the IVA company who are going to send me all the forms for me to go to court with. I have a house which is mortgaged at £188000 its just been valued around £199000 I am also tied in my mortgage for 10yrs so will have to pay a penalty to come out of this. Question is will I lose my property? I have 2 children one who lives with me and one who is my step son. I am currently working full time as is my partner our out goings are around £3900 I am left with no meney each month but have kept up with the mortgage and all the bills. I have a car worth around £800 it is in my partners name. We are both going bankrupt. I feel this is my only option now I have struggled for to long. Its affecting my life I am stressed , worried etc about our family home being taken away from us. I also pay £600 each month for child care. I work 45 miles from my home so I also have to pay £2800 for a train ticket for the year. Any advice would be great..
your interest in the property will need to be realised for the benefit of your creditors. Is the property and mortgage in joint names?
The car is under the £2500 threshold allowable by the OR, so as long as you can demonstrate a need for it (for example, going to and from work), you'll be fine!
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Going bankrupt
Posted - 28 January 2009 : 18:03:15
