# insolvency vs bankruptcy



## moonfish (12 Feb 2014)

is it near impossible to get a IVA when you only owe to one lender..Ive been told that bankruptcy is my best option, but as im separated im worried about the family home which my son and ex is living in.Im  going down the bankruptcy route.


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## moonfish (12 Feb 2014)

should have said "im nervous going down bankruptcy route"


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## 44brendan (12 Feb 2014)

This is an Irish website. Most contributers are unfamiliar with the UK IVA ststem. Having said that one regular contributor (Steve Thatcher) is a UK Insolvency practitioner and may be abole to give you some advice.


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## Bronte (13 Feb 2014)

moonfish said:


> but as im separated im worried about the family home which my son and ex is living in.Im going down the bankruptcy route.


 
If your ex is paying the mortgage, and it's a joint mortgage with you, then he will have to pay all of it.  Or is there equity in it and do you own half the equity?


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## moonfish (13 Feb 2014)

My wife is in that house with my son..she is presently looking for work.
Im going to do a judicial separation which will give them enough to cover mortgage fir a few years..this money cant be touched in bankruptcy ..her mortgage will be going to same bank that my others debts are for anyway..house is in negative equity


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## Bronte (19 Feb 2014)

moonfish said:


> Im going to do a judicial separation which will give them enough to cover mortgage fir a few years..this money cant be touched in bankruptcy ..


 
What does this mean, you're giving her a large lump sum or paying her maintenance?


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