question category: IVA

I am 2 years into an IVA- can I still file for bankuptcy?
Submitted on: 14th Dec 2009 by Non-Member | Total Answers: 1

I am 27 and 2 years into my IVA. Since starting my IVA I have met someone and things are getting serious. We both have dreams of a self-sufficient lifestyle and we would like to start this in another country (or at least in the country). This isn't something I can do on an IVA as I need to earn money for the repyaments. I'm not sure he can wait until we are 30 to start this adventure and I am looking for options that can help me make a descision about whether we can do this together. Can I stil file for bankruptcy?

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Re: I am 2 years into an IVA- can I still file for bankuptcy?

Think of an IVA as a contract to pay back some of your debt over a fixed period and the rest will be written off.

Your creditors vote for or against accepting that contract.

You can break that contract by not paying it.

If you stop paying the IVA will fail, and if you aren't earning any money then bankruptcy would seem to be one of your options. But before you do that speak to your IVA supervisor and discuss the best way forward with them.

If you need advice on debt management, IVAs and bankruptcy you can always get free advice from Debt Advice Foundation, click on my name and email us.

Submitted on: 21st Dec 2009 by Darren Member

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