do you have to sell your house

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kazzer

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Post by kazzer » Tue Oct 06, 2009 2:26 pm
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If you have an IVA, new to this forum and was just a little concerned. Also, its my house, everything is in my name, will they take into consideration my partners income?
Thanks very much
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Michael Peoples

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Post by Michael Peoples » Tue Oct 06, 2009 2:31 pm
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Your property is normally protected in an IVA provided you can maintain the mortgage payments and the equity is not enough to clear the debts. You would have to release any equity in year 4or5 normally as full and final settlement but this is capped at a level at which you can afford the repayments.

Your partner's income will be taken into account to determine the full household income and expenditure and to ensure that each party pays their fair share of the bills.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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