bankruptcy help very worried...

alastairq

hi......................

Am I right to assume that when you are bankrupt the debts are 'wiped' completely? Does this happen when you file for BR or when discharged or after the 36 months of IPA payments if you have to pay them.

I'm pretty sure that, technically, the actual 'debt' itself is gone on discharge......however, you yourself are no longer are liable for that debt, the instant your petition is stamped at Court...[it is assumed by the OR, so to speak]....

As we are with an IVA company is there any way that if we go it alone the creditors involved with the IVA can get round the bankruptcy and come back at a later date and demand money?

no, they can't..the BR trumps all....

Regarding your last question?

I would suggest, since you will cease paying the IVA pre-BR, any attempt by the IVA company to pursue costs will fail, s the 'costs' will be deemed to have occurred pre-BR...Fermi or DD will provide better info on that one..

arghhh

thanks for that alastairq,

with regards to the IVA company and chasing us for the fees they will loose out on, i did wonder what would happen if they were crafty and decided to pursue us for the fees after the BR petition had been 'stamped' therefor technically would that debt be classed as a debt after BR as they didnt start chasing us for it till post BR?

arghhh

''with regards to the IVA company and chasing us for the fees they will loose out on, i did wonder what would happen if they were crafty and decided to pursue us for the fees after the BR petition had been 'stamped' therefor technically would that debt be classed as a debt after BR as they didnt start chasing us for it till post BR?''

anybody know?

JCS1

The debt from the IVA fees would pre-date the BR, so they would be included in the BR.

arghhh

ty i thought it would but wasn't 100% how i would stand if they decided to try and charge us post BR

confused76

arghhh wrote: »

ty i thought it would but wasn't 100% how i would stand if they decided to try and charge us post BR

if they tried to, then you would refer them to your OR who would tell them to go away!

arghhh

ty we're certainly feeling more confident about the whole process now

mouldylocks

I've tried to follow your situation and really feel for you, with so much on your plate at the moment. However, you are much more clued up already than myself and my partner when he went into bankruptcy.
We compiled a rubbish SoA, not having known about this site at the time, He had no income whatsoever, and I had only my pension. We left off 50% of the allowable expenses (and no one in authority advised us of this), and the outcome was we were assessed as having to repay £3,000 (of a very small initial debt) from my pension - even tho we are not married.
Just thought I'd mention it, as the information seem to be that the debts are wiped on declaring Bankruptcy - not the case!!!

arghhh

Hi, it's due to this forum that we have been able to get so clued up, feel much more positive looking ahead now,

I believe that once you file for BR the debts are then in control of the OR so to speak, so technically the debts are gone, it's only if you have to pay an IPA that you then have to contribute towards the debts and that's for 36 months

Someone please correct me if im wrong lol

philnicandamy

Arghhhh

correct :D

(although the debt isnt really done till the bankruptcy ends....although rightly as you say the OR controls all past creditors so if they hassled you just forward them on!)