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Well not necessarily. Your family home may be at risk and steps must be taken to clarify the position during the a 3 year period following bankruptcy. The position will vary dependent upon a number of issues including for example;  whether you rent your home or own it, whether you own your home jointly with someone else, and whether or not the property is subject to a mortgage. There is no one universal answer; you need to be aware of your rights and those of any joint owner, so we would

Dodd Rescue Penrith Individual voluntary arrangements (IVA)

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Remember that formal insolvency processes are complicated, and only explain a tiny part of the entire procedures. Remember also that these rules also may apply to partnerships so please speak to Dodd Rescue so that we can explain further.

This is a process which assists an individual to avoid bankruptcy. It is essentially a “contract” between the insolvent individual and their creditors.

In return for creditors agreeing not to make a person bankrupt, they receive a settlement of the debt owing to them (either in the whole or in part) over a set period of time. The normal period of time for an Individual Voluntary Arrangement (IVA) is 5 years. The agreement between the individual and the creditors is known as a proposal. The proposal must be agreed by at least 75% of the unsecured creditors before it can start.

It may be possible for an individual to include terms in the proposal which allows continuation of trade and protection for the family home. You will need the assistance of an Insolvency Practitioner to explain the consequences of an IVA. Contact Dodd Rescue for more details.

To find out more about how we can help please call either Carol, Jackie or Jeanette on 01768 864466.