Author Topic: A little bit of help  (Read 7294 times)

solvemybadcredit

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Re: A little bit of help
« Reply #30 on: Nov 03, 2010, 09:55:15 PM »
James, well explained! Couldn't agree more! It is a decision that one has to think over and I think Jlees33 should seek professional advice, as the problem is more complicated than usual! She's got to go through a full debt assessment (that mirrors the current situation) and not make any hasty decisions.
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James Falla

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Re: A little bit of help
« Reply #31 on: Nov 04, 2010, 04:42:48 PM »
Unfortunately jlees33's situation is not an easy one Laura. They were in an IVA which has failed because of a change in income and are now faced with large debts which they are unable to pay. Jlees33 did feel that there was equity in their property but given their IP has chosen not to force them into bankruptcy, I can only assume that the IP feels there is little or no equity available.
 
If there truely is very little equity in the property, then declaring themselves bankrupt may well be an ideal solution as the property would not be taken away. However, there is then the not insignificant matter of the bankruptcy fee which is £600 per person. Trying to come up with ways of making this easier is therefore what is required hence Steve Jackson's suggestion of one person declaring bankruptcy initially and then the other later when more funds are available.
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