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bankruptcy and or IVA
numbersup_2
Posts: 1 Newbie
Hi new poster so bear with me , long story short my wife and I are in massive debt all of which is unsecured.
we are looking to one or both of the above, now is it possible for my wife to declare br and I go into an IVA, the debts are around the same amounts £ 50.000, If my wife declares br she is unlikely to have to contribute to the br as she had to finish work through ill health and has only £235 a month coming in which is all swallowed up with household stuff. so she goes br .
I at the same time enter into IVA, which will keep our home safe, yes there will be some BI to pay towards my wife's br but it's nominal.
I am the one bringing in the money so should be able to enter an IVA and just about manage, the question is , when my wife is discharged could I then go br after defaulting on the IVA.
this possibly resulting in us keeping our home as yet again there is little equity in the property and my wife cannot be punished for my default and resulting br.
are we gripping at straws or is the viable, I am nearly sixty and dont fancy six years of IVA.
you might say we got what we deserve but can you say that without the full story. thanks in anticipation.
and what a great forum, some sad stories and some light ones......good look to all....
we are looking to one or both of the above, now is it possible for my wife to declare br and I go into an IVA, the debts are around the same amounts £ 50.000, If my wife declares br she is unlikely to have to contribute to the br as she had to finish work through ill health and has only £235 a month coming in which is all swallowed up with household stuff. so she goes br .
I at the same time enter into IVA, which will keep our home safe, yes there will be some BI to pay towards my wife's br but it's nominal.
I am the one bringing in the money so should be able to enter an IVA and just about manage, the question is , when my wife is discharged could I then go br after defaulting on the IVA.
this possibly resulting in us keeping our home as yet again there is little equity in the property and my wife cannot be punished for my default and resulting br.
are we gripping at straws or is the viable, I am nearly sixty and dont fancy six years of IVA.
you might say we got what we deserve but can you say that without the full story. thanks in anticipation.
and what a great forum, some sad stories and some light ones......good look to all....
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