would I be better going bankrupt

[ray_s]

I am currently applying for an IVA (as I own my own business) however this business is looking close to folding, would I be better going bankrupt (I currently owe £38000 personally) dont own my own home or have any reasonable assets etc

[MelanieGiles]

Hi ray and welcome to the forum

If your future business plan is uncertain, then an IVA is not for you at the moment, unless you have some way of replacing your income in the short term - such as finding paid employment.

If this is not the case, you may feel that bankruptcy proceedings are a better option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ray_a]

Hi Ray

Sorry to hear your news.

Bankruptcy is always an option but what do you do as this could have a major bearing in your future?
In addition what is your creditors make up position?

[ray_s]

Hi ray and welcome to the forum

If your future business plan is uncertain, then an IVA is not for you at the moment, unless you have some way of replacing your income in the short term - such as finding paid employment.

If this is not the case, you may feel that bankruptcy proceedings are a better option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Melanie,

Thank you for your reply, it appears I did forget to mention that I have been given an offer of employment to start immediately with a local Comprehensive School, so I would have immediate income. I would like to avoid bankruptcy if possible due to the stigma and humiliation that comes with it !
Thanks to all for comments.

RS

[MelanieGiles]

Sounds great - regular income and no worries about running the business. I suggest that you give things a couple of months to get used to working again and earning regular money, and then revisit the options available to you in order to deal with your debts.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp