Bankruptcy

[Platypus]

Er, anyone know anything about going bankrupt ...

Serious question.

[Moscow Mule]

Er, anyone know anything about going bankrupt ...

Serious question.

It's not cool.

Ex-gf's Dad was a discharged bankrupt. Takes forever to get back on an even keel again.

I would avoid it if at all possible - go for an IVA or whatever you can get these days.

[TykeMerc]

It's not cool.

Ex-gf's Dad was a discharged bankrupt. Takes forever to get back on an even keel again.

I would avoid it if at all possible - go for an IVA or whatever you can get these days.

From what I understand a large percentage of people who get IVA's eventually end up Bankrupt anyway so far worse off financially than going Bankrupt in the 1st place. You need proper insolvency advice.

Bankruptcy means you will not get Security Clearance so future gigs at many HMG departments will be impossible. Financial institutions also won't touch you with a barge pole for work either, it's a very serious step.

[Ruprect]

you'll probably get more worthwhile advice in accounting/legal

[Zippy]

There may be other options like a DMP or IVA.
Try moneysavingexpert.com as they have a special board for those considering or who have become bankrupt.

[DaveB]

Absolute last restort when you have no ther options available to you. The consequences are dire. You can lose your house and all assets of value as well as having your income garnished for years afterwards. You are also barred from being a co. dorector, which is not much good if you are a contractor with your own ltd co.

Get proper financial advice.

[VectraMan]

IVAs seem to be little more than coming to a deal with your creditors, which is something you could probably do yourself. I.e. they're for the stupid / incapable / Farepackers.

It might be better just to go bankrupt and have done with it. I think it'll make your life miserable for a few years, but so will struggling to pay back debts. My Dad has always said he wished he'd gone personally bankrupt when his business collapsed in the early 90s recession, because by not doing it he had a debt hanging over his head for a number of years.

[DaveB]

IVA's are legally binding agreements between you and your creditors and you need a qualified insolvancy practitioner to handle it for you. You should be able to to keep your house and other assets with an IVA. With bankruptcy you *will* lose them. Essentially with an IVA you agree to a binding contract to repay what you can afford over a set period of time. Your creditorsd in turn agree to accept this as full payment of any outstanding debts and to not demand further repayment over and above that agreed in the IVA. It is a far, far, better option than Bankruptcy.

[DimPrawn]

Er, anyone know anything about going bankrupt ...

Serious question.

I told you B-T-L was a bad idea.

[VectraMan]

You should be able to to keep your house and other assets with an IVA. With bankruptcy you *will* lose them.

If you have the house or other assets to cover the debt, then you're not really bankrupt are you? Better to sell yourself and manage the situation than have it forced upon you.