www.iva.co.uk

I've failed my IVA in the fisrt year, no assets, no house,living with parents.I've decided on Bankruptcy as job not affected.I've asked IP about BR fees but no answer yet.Think i will have poss 5 years til discharge as some gambling involved.Does anyone have any idea how long BR route is likely to take/can i get hassled by creditors again and is it liekly that my IP will help with the paperwork or will they was their hands of me ?

The amount of time it will take will be dependant on how busy your local court will be. If you have failed your IVA you can try to wait for one of your creditors or your IP to begin the bankruptcy proceedings but they may be unwilling to do this at this time and you may have to stump up the money yourself.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi TheDerbyRam

There is lots of information about bankruptcy on the government website www.insolvency.gov.uk

You can obtain the relevant forms to apply for bankruptcy on this site, there is also a guide to bankruptcy and information on bankruptcy restriction orders - which may affect you because of the gambling you have mentioned.

You can even apply for bankruptcy online, your IP should be able to assist you with the information you will need regarding your outstanding liabilities. The fee to petition for bankruptcy is about £500.

Hope this helps

AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

Good information given by both experts. May I ask why your IVA has failed?

If you decide bankruptcy is the best option for you then take Accuma's advice and apply online. There a quite a few forum members who have gone bankrupt for example Scaredkez, Skippy13, Coco and Zoe. You will find their stories and experiences in the blogs they have made.

Best Regards. IVA Experts