IVA vs Bankruptcy - over £1m debt, no longer homeowners

dolphinx2012

Hi all, I'd really appreciate some help and advice please. Myself and husband are about to enter a lump-sum IVA but want to check if bankruptcy is not a simpler solution for us. As mentioned, we lost our home earlier this year (forced to sell as there was a secured loan due immediately) so we have the sale proceeds of whats remaining of approximately £200k. We want to use these funds to finally clear ourselves out of this nightmare and look to move forward with our lives. We are both suffering from severe depression and have 2 young children, currently without a household income. 

As we have no other assets to protect, I wanted to gain some further perspectives on what the best course of action is here? 

Our main concerns are with our current tenancy (no rent arrears) and living our day-to-day lives with having a bank account, paying the bills (again, no debt with any utilities providers, our bank or anything like that). 

In any case, would we be allowed to keep some of our savings for the sake of having a few months rent/bills covered whilst we find our feet and secure incomes? 

fatbelly

An IVA is individually negotiated. Talk to your IP

Lump sum IVAs are quite rare but in your situation should work and be over and done quickly. In bankruptcy you may get a 3-year income payment order in addition to losing your asset.

https://debtcamel.co.uk/debt-options/less-common/full-final/#An_unusual_case_–_a_single_payment_IVA