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Published in Debt Advice Features on Saturday, March 24 2007 by Open Doors Money
If you have been made bankrupt and you wish to to get the order annulled, because it may have a serious negative effect on your personal life, then it may be worthwhile asking the Official Receiver act as Nominee.
You would need to tell a member of the Official Receivers staff at the Insolvency Service office who is dealing with your bankruptcy, this could be during your bankruptcy interview or at a later date into your bankruptcy.
The ORs staff will send you some forms for you to complete, this would include a detailed income and expenditure form, outlining how much you earn and how much you spend on day to day living expenses, from there the OR could see how much you could afford to pay back into the FTVA.
These forms will form part of your proposal, these forms will already include details of any assets you have that the Official receiver knows about, it will also outline some standard terms and conditions, you are required to supply and further information that you have not disclosed, such as proof of income, details of any other assets along with any other information required which will be outlined on the forms.
You would be able to assistance or guidance on completing the forms if you are having difficulty, you should contact the Official Receiver.
When you have completed the forms you must send them back to the OR’s office who is dealing with your bankruptcy.
The forms will be examined and if required the OR will ask you to provide further information to help him or her to make a decision s to whether the FTVA is more favorable financially to your creditors and providing a greater return than they would get in bankruptcy.
More Articles On FTVAs
Differences in Individual Voluntary Arrangements (IVA) & Fast Track Voluntary Arrangements (FTVA)
What are Fast Track Voluntary Arrangements?
If I enter into a FTVA what happens to my bankruptcy order?
How do I know if I am eligible for a FTVA?
Can I still do a FTVA if the Official Receiver does not agree?
What does the Nominee do in a FTVA?
What happens if I cannot meet my obligations outlined in the FTVA proposal?
