IVA or would bankruptcy be a good option for me ?

[andrea_m]

I am considering an IVA but am seriously looking at whether Bankruptcy would be better for me? NR and HSBC are two creditors, which I know are a nightmare and I am having to sort out figures as disposable income is too high???
I am married but am not named on the mortgage and do not pay any household bills. My husband has had to take out a loan attached to the mortgage, which has now in effect left the house with no more equity.

Taking this into account would bankruptcy be a good option for me and will the house be safe? If any of you IP's can assist and possible help me with this I'd be greatful.
Also, do you as IP's assist with bankruptcy and the process?
Please help as I am so stressed out at having no money to spare - only to my creditors, which is totally bizarre as when this is taken away the disposable income is more than my debt of £50000!!!!??

[MelanieGiles]

Hi Andrea and welcome to the forum

NR and HSBC are not necessarily nightmares, but do have rather strict voting policies and criteria when it comes to IVA proposals. Do either of them represent more than 25% of your overall debts?

Bankruptcy is an option for you if you feel it is better to make a complete fresh start free from your debt rather than paying your creditors on an ongoing basis. Often, bankruptcy may be the only option available to you, particularly if you have no disposable income to offer. You may also feel that it is a better option if you have no assets which would be at risk under such proceedings.

You are probably better off contacting an IP directly to discuss your options, as it is far too complicated to give detailed and specific advice on the forum, but very important that you have all options explained to you so that you can make a reasoned choice about the way forward.

Not quite sure what you mean in your last sentence - could you clarify please, and how much disposable income do you think you would have available to pay to creditors, as under bankruptcy proceedings you may well have to make ongoing contributions for a three year period?