Can I be considered insolvent? I have a phone call tomorrow with one of the debt charities to help me file my bankruptcy claim. Regular posters will know my IVA failed because of the monthly payments. Both my wife and I are in regular employment. I just keep thinking this may hamper my attempts to go bankrupt. Here are some details
My original debt was £26000 to 5 different creditors. I entered into an IVA with Payplan taking into account my partners earnings and me paying into the household. Our earnings are £1198.41 for me and £1434.00 for her totalling £2832.41. Our outgoings are £2504.22 a month. Leaving what they feel is a fair amount to pay which is £328.16. Now the thing is this doesn't sound a lot compared to my wage but I have barely left every month. I have contacted Payplan and they have told me to work out what my partner will earn on her maternity leave to move forward with the IVA.
You are insolvent if you cannot pay creditors their contractual payments on demand and you have insufficient assets to sell which would clear creditors. Yopu are insolvent on both counts and good luck with the bankruptcy.
