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kentmikey
New Member
61 Posts |
 Posted - 19 November 2009 : 20:47:53
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Hi everyone, I am normally on your sister site IVA.CO.UK but have followed the link here as from tonight my wife and I have decided then best path for us to take is to go bankrupt. We are currently struggling with an IVA. I have a couple of questions that my wife and I came up with and so we were wondering if anyone on here could confirm the following:
1. once the bankruptcy is set, do the payments get reviewed as like the IVA.
2 What happens if we unexpectantly come into money
3. What physical evidence will the court need for our debts and also for our income
4. what happens with existing debts once the iva has failed and we await the certificate to file for bankruptcy.
Thanks
Mikey |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 19 November 2009 : 20:58:04
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hi and welcome to the forum
1.
your disposable income is calculated as in IVA but you get to kepp 30-50% of it unlike IVA
2
if you come into money ie inheritance or lottery whilst undischarged it bacomes an asset of the OR.
if after discharge it is yours
3
any evidence the OR (not the court) needs it can get from the creditors if you havn't got statements etc
4
the IVA will have to fail (3 months normally) whilst it is failing creditors may contact you but it is not likely until fully failed , as long as you don't take forever there should be no problems
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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debtinfo
forum expert
2826 Posts |
Posted - 19 November 2009 : 21:00:39
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1. You may have to nake payments for up to three years, it is like the IVA but with some differences. Most of the allowances are more generous in the bankruptcy but there are some which are not allowed such as household repairs, presents, sky TV, internet etc. The OR will only take between 50-70% of the surplus not the whole amount. The payment maybe increased, decreased or stopped due to changes in circumstances. If you become unable to pay it the bankruptcy is not revoked or failed.
2. If you obtain a lumpsum during the bankruptcy that will be paid to the OR (official Receiver). You will only get some back if all creditors and fees and costs are paid in full.
3. None, just filled in forms, your payment and you must have received advice from a debt charity as a minimum
4. They become fully payable less the amount paid of by the IVA. Mute point though if you are going for bankruptcy, it is unlikely tha they could take any action in the short time available |
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kentmikey
New Member
61 Posts |
Posted - 20 November 2009 : 07:47:28
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| Thanks that has been great, no doubt will have more questions, will read other postings over the weekend, thanks again |
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averagejoegoesbankrupt
Starting Member
United Kingdom
28 Posts |
Posted - 20 November 2009 : 09:58:06
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quote:
Originally posted by kentmikey
Hi everyone, I am normally on your sister site IVA.CO.UK but have followed the link here as from tonight my wife and I have decided then best path for us to take is to go bankrupt. We are currently struggling with an IVA. I have a couple of questions that my wife and I came up with and so we were wondering if anyone on here could confirm the following:
1. once the bankruptcy is set, do the payments get reviewed as like the IVA.
2 What happens if we unexpectantly come into money
3. What physical evidence will the court need for our debts and also for our income
4. what happens with existing debts once the iva has failed and we await the certificate to file for bankruptcy.
Thanks
Mikey
Hi Mikey,
I struggled with the issue of whether I should try the IVA route or bankruptcy. My head said bankruptcy while my heart said IVA (bankruptcy can be a *very* emotive subject and it was certainly for me something that was very difficult to think about logically).
However once I settled on bankruptcy I realised that I'd made a major decision and from there I could move on - after that the process was somewhat easier. I had my brief moment in court on Tuesday and already feel better about it.
Basically, what I'm trying to say is, bankruptcy might be the absolutely right choice for you - and if you can think about your issues logically - then if bankruptcy is for you then don't be afraid of it.
All the very best,
Average Joe
http://averagejoegoesbankrupt.blogspot.com |
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kentmikey
New Member
61 Posts |
Posted - 20 November 2009 : 15:07:12
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Thanks Joe - I can relate very much to what you say, logically we should have gone down the BR route in the first place rather than the IVA - feel we have been some what misguided but may be also a little naive. From last night my Wife and I decided logically BR is for us, although I do feel crap at the moment it is the best thing to do, will be contacting the IP for iva to tell them what we are doing.... will read your blog over the weekend, all the best and thanks for your reply
Mikey |
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gettingoutofdebt
forum expert
2418 Posts |
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kentmikey
New Member
61 Posts |
Posted - 20 November 2009 : 15:53:08
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| Thank you will do |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 20 November 2009 : 17:14:31
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you amy want to consider speaking to an expert (links on left hand side of the page)like Paul Johns at Revivuk www.revivauk.com or Mel at Jones Giles www.jonesgiles.co.uk, they are both highly respected in their fields and give free advice to make sure you know everything is as it should be.
BR done right is all about timing and planning , getting your ducks in a row as it were...
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Hello
