bankruptcy or iva my experience

i looked at an iva went to see an insolvency practitioner who told me i was insolvent and i declared bankruptcy on his advice,kept my house(only small amount of equity in it) have an income of 2200 a month pay nothing towards the bankruptcy,for people on here with no assets ie dont own there own home my advice is dont worry about your debt,stop paying your creditors save your bankruptcy fee and go and do the deed,easy debtfree,not many ors put your name in the paper nowadays so not everyone knows your business either, anyone want any questions answering pm me ill do my best to answer them im no expert but bankruptcy is a good way out for those who cant really afford ivas and really nothing to be afraid of
this site is excellent the people on here are really good :D:beer:


  • 50broke
    50broke Posts: 106 Forumite
    Hi, how much equity was in your house and how did they calculate it? I bought my house in the boom of 2007 for 240,000 and according to calculations it is now worth between 207000 and 220000, also selling and redempyion fees would be about 15000, there is 208000 owing on the mortgage, would this qualify as little equity, as I am considering bankrupsy for 93,ooo debt thanks..........
  • bigsteveo
    could you give me some info on this as i am in a similar boat, ive only about 5000 in equity i think and i have 24500 in credit debt:confused:
  • milothewestie
    they said i had about 4000 but by the time solicitors costs and selling costs was taken off they came up with a figure of 2200 i then offered them 1300 and they accepted it hope that helps:D
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