question category: Bankruptcy

How can I go bankrupt after an IVA if I am moving abroad?
Submitted on: 10th Apr 2012 by Non-Member | Total Answers: 2

I have an IVA in my name. My husband has sold a shop for a minimal amount and we have to return to Turkey by July. I have got a job but it is only paying about £900 per month so I won't be able to afford the IVA of £400 per month and be able to afford to live as well.

What can I do? How can I go bankrupt?

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Re: How can I go bankrupt after an IVA if I am moving abroad?

Your husband needs to contact his Insolvency practitioner and discuss the change of circumstances to see if the IVA can continue. If the IVA cannot continue then default of the arrangement is grounds for a bankruptcy order to be made by the Insolvency Practitioner or a creditor bound by the IVA. After the IVA has failed then your husband can petition for his own bankruptcy.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA or need further help with your IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.

Submitted on: 11th Apr 2012 by TA Member

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Re: How can I go bankrupt after an IVA if I am moving abroad?

It may be beneficial to initially make the Insolvency Practitioner administering your IVA aware of your circumstances. Should the IVA not be maintainable you will have to wait until the IVA has officially failed before you are able commence with bankruptcy. Please seek further free money advice.

Submitted on: 17th Apr 2012 by TA Member

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