Yes you can do an IVA if you don't have any assets and meet other criteria.
You need to speak to an advisor who will make an assessment of your current financial situation and inform you of the pros and cons of each option. You can then choose which route to take.
Regards
Andrew Bowers
Licensed Insolvency Practitioner
Regards
Andrew Bowers
Licensed Insolvency Practitoner
It depends on a number of things before anyone could recommend bankruptcy or IVA and while personal assets are relevant there are other considerations. Even though the house may be in your husband's name it is possible that you have acquired an interest in it and this depends on a number of factors.
You should take some free advice from an IP firm before you decide what to do as it could be a mistake to just petition.
You can do an IVA with no assets, but you do need to seek professional advice.
Visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As long as you can propose a reasonable dividend over a fixed period of payments, an IVA could be an option for you. However, if you have no assets then you should look into bankruptcy as an alternative and get some professional advice on how it would affect you.
Any insolvency practice should give you this initial advice for free, and they are required to discuss all of your options in full.
Depending on how long you have been married, and the individual contributions you have both made to the household, it is possible that you may be perceived to have developed a financial interest in your husband's property. Does it have any equity at the moment?
In considering this, it may be sensible for both of you to avail of some specific legal advice in this regard, as once a bankruptcy order is made there may be no turning back and you then have to live with the consequences of that decision.
An insolvency practitioner would be able to discuss this and other debt solution options with you that may be more appropriate depending on your circumstances.
