Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By Mel_Odious
jackthelad wrote:Mel,
Yes, it is the IP who has raised the petition cos thje iva failed. Is the bankcruptcy inevitable ??


I wish I could tell you Jack,
it is only the IP can answer if he is petiioning for both of you or just you, Jack.

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By JaneClack
#8732 Like the IVAs there will be two bankruptcies. Joint ones do not exist!
By jackthelad
#8805 Sarah,
I've checked the paperwork we have for the IVA proposal and we do have separate copies in our individual names, but the liabilities for debts are exactly the same. Many of these debts were in my name only, so how can my wife be responsible for them as well ? Should only her debts been listed on her IVA documents ?


#8832 IP is being a cheapskate - it should be individual to both of you. Perhaps it was the only way of offering adequate return to creditors ?
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By JaneClack
#8853 Not only is he being a cheapskate he is not doing his job properly as in an IVA you are responsible for your own debts not someone else's no matter how much you love them. It is an INDIVIDUAL voluntary arrangement - trust deeds in Scotland are different. The only debts that occur jointly are joint loans for which you are both joint and separately liable. The OR would just have to ignore anyone else's debts - might even throw it out of court and they would certainly get more than a slap on the wrists.

Get to talk to National Debtline or phone CCCS or Payplan for advice as I seem to think you said you could now do an IVA.

You need more detailed advice than we can give here.