In an iva and curently selling property

a_imteaz

Hello I am currently in an IVA. I am divorced and My wife had a deed of trust put in my name on a property jointly owned by her and her dad. She has been pushing me to start a court case against her dad to have the property sold, so she can have that money for her and my two kids. Since my name is on the deed of trust It is obvious that in the eyes of the Insolvency practitioner, I will be beneficiary of the 50 % equity from the sale. I currently owed about 48 000 pounds to creditors. My IVA is set to pay back 18000 to creditors over 5 years.
The money raised from the sale is forcasted to be around 30000.

Can I have the property sold and pay the 18000 pound as set in the IVA or do i have to pay the total amount owed.
Can i not tell the IP of the sale.

Also is it worth going for bankruptcy at this stage.

Charco_2

1. It would be fraud not to tell and you could go to jail.

2. In a Bankruptcy, the OR would have to pursue the property and you would definitely get no benefit from it anyway, so it's not a better option but you may consider it as a different option.

I would speak to your IP about this and see what they say (alternatively, ring a different IP firm anonymously and ask how it would be dealt with by them). It might be worth trying to speak to a solicitor about the property to see what they say.