biting the bullet

tatty1985

Hi All,

I have decided that we are going to go bankrupt and it is the best option for me and my family.

I have a few questions I am hoping someone can help me with,

My partner and I are both in IVA's we have missed this months payment as we are trying save to get a deposit to rent a house. (currently have a mortgage but house is in negative equity and is falling apart and we are never going to be in a position to do it up or get rid of the damp etc) how long will I have before they fail the IVA and all the debtors start chasing us again?

We need to rent somewhere before we go bankrupt as once we are bankrupt we will have no chance of renting. Does anyone know best sites to rent from that wont do a credit check or need a guarantor? is it likely we will be able to get a place to rent when we have never rented before and have no references etc? we know the more deposit we have the better.

Obviously once we have somewhere to live we need to start saving for the bankruptcy fees for the both of us. Are we better going bankrupt together or doing one of us when we have enough funds and then the other once once we have saved up again?

sorry for the long post

I have had a dabble on online gambling not a lot. probably $3000 over 5 years (sounds excessive but i don't go out drinking etc so this was my treat if that makes sense) I have stopped and there are no transactions on my bank account for the last two months. How likely will I be to have restrictions put against me? Also these transactions have been on our joint account but partner has nothing to do with them will he be questioned about them in the meeting?

should i have no gambling transactions for six months a year etc in order to avoid them being brought up or will they be picked up anyway?

also if the IVA fails what are the chances of the creditors making me bankrupt so I don't have to pay the fees?

thanks for reading and I appreciate any advice or support

luvchocolate

Hi I noticed you quoted $, this is a U.K site but in case that was a mistake I would recommend you look on openrent for rental properties, you deal direct with the landlord and I know my son will look at individual requests and discuss with them.

Oliver2809006

Went through your situation almost to the letter.

My IVA failed after I didn't pay into it for a few months and gradually the creditors started to get back in touch.

6 months after the IVA failure I applied for bankruptcy paying the fee and went straight through as my debt was pretty big.

I'd imagine getting the bankruptcy over for both of you as soon as possible is the best idea rather than one of you hold on.

The OR will see you gambling transactions but if your insolvent your insolvent so wouldn't worry on that score.

As for the renting they will credit check and the IVA will show obviously - maybe if you can pay an extra 3+ months up front with the rent the landlord may except the offer?


Good luck with everything.

Minkym00

As far as your gambling is concerned the OR will look at your losses over the 2 years prior to bankruptcy. If the losses are “material” i.e. could be shown to have had a direct effect on your bankruptcy and you gambled funds that could have been used to pay your debts, then you could be looking at a restriction.

Given the fact that you are looking at a mortgage shortfall to be included in your bankruptcy then I’m assuming your debts are pretty substantial. In which case your gambling losses of a couple of grand wouldn’t be material to the total bankruptcy debt and you’d be ok.