keep iva or go br?

headoutofsand

wurzella wrote: »

Really? So what criteria do they use to decide if you go in or not?

There have been none in our papers for months, however LTD companies who are in administration/ liquidation do still appear. So it seems personal BR is not published.

debtinfo

The Or should only use a Local advert in exceptional cases. For instance if a person was made bankrupt against his will, refused to cooperate with the OR and was suspected of taking depoits off customers with no intention of delivering goods then it may be in the public interest to advertise that to protect potential customers.

Another may be where a bankrupt wants to get his bankruptcy Annulled (reversed) he may have to pay all his creditors to do so, not just the one that made him bankrupt. Needless to say he may not volunteer to tell the OR about all his creditors and so a local advert maybe warented.

There are other reasons but you get the picture

pammie39

peachyprice wrote: »

How on earth will your 6yo know your OH has gone bankrupt???

And why, in 12 years time will you not be able to help her with her 1st car? That's a long long way away, the whole point of BR is to deal with the here and now for a clean break, so you can have a brighter future to do the things you couldn't do with debts/DMP/IVA having over your head for years to come.

It will go in his name and address, but no-one really reads the BR notices anyway, would you even know they were there if BR wasn't a part of your life? There has been some talk recently of them no longer going in the local paper, bit I'm not sure how accurate that is.

hi again
i'm sorry if i offended anyone in this situation.
sorry if i sounded stupid. i thought that going br,even though it's good for the here and now, doesn't it stay with you for life,i.e work etc?
i have read lots of these posts on this site and the iva ones, some say iva lasts 6 years and br lasts 12 months but stays for life, yet others say different. i'm just trying to sort things out for us (oh redundant on monday), so lots on my mind.
sorry again to anyone if you think i am being stupid

peachyprice

I don't think you're being stupid at all Pammie, sorry if you got that impression.

But bankruptcy really passes with very little disruption to every day life. There's no reason your DD would know anything about it, unless you said 'Daddy's just been made bankrupt'. It's all very discreet.

As for jobs, it will only effect you if you're considering working in an FSA regulated job or the like. Unless you're asked specifically about BR you don't have to tell any future employers.

I don't honestly believe a IVA will have that much less effect on your life than BR. As IVA's have become more wide spread may of the instances which in the past asked whether you've ever been made BR are now starting to also as if you've entered into an IVA or formal agreement with your creditors, which is the same thing, and an IVA is almost as likely to be with you for life just as much as BR.


For the majority of people, 12 months on from BR they are living a normal
life, and once you pass the 6 yr mark and the BR disappears from your credit file for most of the time it can be like it never happened.
HTH

fiveyearplan

I agree with peachy above plus an iva is a form of insolvency. Many people start with an iva and end up bankrupt anyway and wished they had gone BR in the first place.

pammie39

THANK YOU!!!!!!!!
i think you may have removed that little niggle at the back of my head.
i will also contact (or try, they are very busy) cccs, as i find myself asking the same questions all the time, but in different ways. (mainly about losing, or not, my house) see...there i go again!!!!!

thanx

peachyprice

(((((((((:heartsmil))))))))
Have a hug.

fiveyearplan

Why don't you also contact National DebtLine? I have no regrets of going BR and I don't think anyone else does either. Read everything you can on here so you are well informed and know exactly what will happen - that takes all the worry out of it. THe main stress is the lead up to bankruptcy (but as I said if you know what is going on it will alleviate that stress) the actual BR is painless.

Any way you look at it most of us on here have gone bankrupt and have survived - you will too! Is all the debt in OH's name, any joint debt? It is a bonus if just one of you has to go BR (my husband didn't go BR so he still has a cheque book etc).

peachyprice

Honestly, if there's no equity in your house, you're not going to lose it.

The OR isn't going to take your house just for the sake of it, or out of spite. They will only be interested in the money, not the bricks and mortar, if there's no money in it they won't want it.

Even in the worst case scenario if the OR thought there was equity and you thought there wasn't you would still have rights, they can't just make you leave your house, they would have to prove to a judge that there was enough equity to justify selling your house, which is unlikely to go in their favour.

pammie39

1st sorry for going on and off line, i can't seem to get replys unless i go off line?????

fivyearplan---we both have iva's in place and the only joint debt is the mortgage. only husband wishes to go br, as you can tell i'm a little bit scared, i surpose it is the name!!!!
i know being silly!!!!!

peachyprice

---

belive me, there is highly likely NO equity in the house, it can only be sold privatly (waites constrution), mortgage is £143000, private sale poss £110000


for your help you can all have wings :A would buy you a drink but only can afford tap water at the mo! :rotfl: