iva advice please

ah888

Hi I am currently in the process of being made bankrupt by hmrc and have been given 8 weeks to arrange an IVA. the HMRC are not the ones I owe the most money to though. I had a business with a partner and a liquidator was appointed and they are asking for £750k. I have disputed all of this for the last 2 years and got to the point where their last offer to settle was £50k. but now if I want to do an iva they are wanting £750k again. so I'm back to square 1. so am I able to do a deal with them for the £50k then an iva with other debtors? also will the hmrc take say 25p in the £ at this point instead of me doing the iva? I have spoken with some people and know I can just go bankrupt but then my asset is my home and they will just come for that I believe. I do know that there are c companies out there who will buy the equity in it but once bankrupt its not a guaranteed. please help

System

Once bankrupt any equity in the house is not yours, it is the official receivers so you can't use equity release.

ah888

hi thanks for that - i was meaning that a 3rd party can then buy the interest in the property from the or instead of it being sold - thats what I've been told anyway