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bigduckontax, Accountant
Category: Tax
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I owe £41.000 to the Harv they will not accept a augment plan

Customer Question

I owe £41.000 to the Harv they will not accept a augment plan will I have to declare my self bankrupt, if so is my jointly owned house at risk.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
I assume that you refer to a Creditors' Voluntary Arrangement (CVA) is this correct? If you can negotiate a CVA your home is not at risk; it is excluded from your assets. If you go bankrupt just about everything your own, including the wrist watch on your arm which your receiver might well take off you, I have heard of that happening; gulp! In bankruptcy your house is definitely at risk but if your spouse lives there its loss is not immediate and if it is jointly owned then your trustee in bankruptcy will not get their hands on it in the foreseeable future.
I do hope that I have helped you with this gloomy scenario. Remember that you cannot be made bankrupt without a court hearing nor can a debt be enforced ditto. You may well need the advice of a solicitor in this matter long term.