www.iva.co.uk

Hi as the title says, I am in a job that I hate and that is making me ill (I've just tried coming off Prozac but each day is a real challenge).

I'm 2.5 years into an IVA and am now wondering if it would be possible to declare myself bankrupt if I resign from my job.

Also my mother has said that I can go an live with her in Spain which of course would mean no expenses, and as we all know mothers love us no matter what we do, and so whilst it would not be ideal for me to be living off her again, I think she would rather that be the case than me make myself ill again by carrying on working for the current company.

In my IVA, I had over £100k debt spread across 15 people, and pay £530 each month.

If I do declare myself bankrupt what is involved? Do I have to go to the Court, and is bankruptcy recognised everywhere in Europe or just in the UK? Also does it make any difference (easier or harder) to become bankrupt if I've already been in the IVA for over 2 years?

I know this would be running away, but at the moment it feels like an offer too good to refuse and which will give me time to refocus and start again.

Sorry for the long post. Help and advice please.

Thanks


ps originally posted this in November 07 by mistake so apologies if you looked at this posting in that forum.

Hi vikhibby
you can declare bankruptcy if your IVA fails.

A failure in terms of and IVA is usually when 3 payments are missed your IP will correspond with your regarding missed payments, if you do not make the payments your IP will fail the IVA, write to creditors and ask them what action they require. Creditors could request that your IP files for bankruptcy, this decision is normally governed by the amount of money being held by the IP. Even if there is enough money available some creditors could vote no to the bankruptcy and prefer to chase you for the money. Any which way you could make yourself bankrupt at any time if you personal position has changed.

If you decide to make yourself bankrupt, pop down to you local court, or down load the forms off the Internet. Complete the forms in triplicate. Phone you local court make an appointment to file the papers, attend court on the date given and pay £485 per person (some courts ask you to lodge the papers pay the money and then they will give you a date to re attend).
Either way on the date of file/re meet you will be interviewed at the court and when you leave you will be bankrupt. The OR will contact you and may ask you to attend their office for an interview or they will advise that they will be contacting you by telephone to do the interview.

Bankruptcy is a big step but your health is more important than money


Dave Beech
http://www.adcrofthilton.co.uk

Hi Vikhibby
Why is your job making you ill ? It sounds like you have alot on your plate and perhaps BR and the comfort of mum being there may not be a bad idea. As Beechy says it's a big step but your health is so much more important.
Hope you make the right decision for you.
SMR