Author Topic: IVA to possible Bankruptcy  (Read 28688 times)

IVA to possible Bankruptcy
« on: May 14, 2018, 10:01:19 AM »

I'm currently in an IVA. I'm just about able to afford my payments. I own 45% of a house, mortgaged. I am in full time employment and earn a decent salary. I live with my ex-wife, who contributes nothing to the IVA and minimally to the house, she pays the gas, water and elec.

Last year, I was involved in a car accident. long story short, i took out my insurance but put my ex-wifes name on it. they've finally sent me the bill, and its large (£10k)

I've approached my creditors to sell the house, initially my offer was turned down. I increased it a little bit and they tentatively  agreed to it. they want to see how much i'll get for it and then make their final decision.

With the accident i need to pay back, i won't be able to afford my iva payments. well, i could, and i'm going to try, but it's going to be an absolute ridiculous amount i'll be paying towards huge debt.

What i'm trying to determine, is whether, if i file for bankruptcy:
                 1: will i definitely lose my house?
                 2: is there any way i can keep it, other than the iva?
                 3: how long does this normally take?
                 4: if i file for bankruptcy, will that cover the accident? can that be added to the bankruptcy? or will i still need to pay that?
I'll try to meet my payments, or sell the house. i'm trying to be responsible and pay my debt. but sometimes, things just don't work out they way you plan.

any ideas or info will be most appreciated.