Bankruptcy or not?!!

Kirsty2504

Morning! Just after some advice. We currently have a IVA and are starting to really struggle with the payments. The only option I can see now is to go bankrupt. I'm really scared I will lose assets or they will come and take things.
We are council tentants and the car is not in my name. Also the ipa how do they determine whether you need to pay some of that back?!
Sorry for the questions. Just can't see anyway out. This debt has been going on for years now and just want it over and done with
Thanks
Kirsty

owlet

Hi Kirsty,

Firstly you really need to speak to one of the free debt advice charities. Stepchange, national debtline for example.

Also have a read of the stickies on this board & see what the process is.

To try and answer your questions:

Do you have any assets? Generally speaking the OR will look at assets worth £1000 or more.

The OR won't be visiting your home like bailiffs do.

You say "we" - do you live with a partner/husband?

Will you both be looking at bankruptcy?

An IPA is calculated if there is surplus income after reasonable living expenses have been taken out.

You can post your SOA when you get to that stage & we can help with that.

National_Debtline

Hi

Owlet is right that it’s best to speak to an independent advice agency like Stepchange or ourselves.

You might find this overview of bankruptcy useful:

www.gov.uk/bankruptcy

Also our factsheet on bankruptcy here:

www.nationaldebtline.org/EW/factsheets/Pages/01%20EW%20Bankruptcy/Default.aspx


James
@natdebtline