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Being declared bankrupt or opting for an IVA is an important decision. Here we look at IVA advantages and how an IVA can be a good debt management solution.
When filing for bankruptcy, the judge of the bankruptcy court may deem insolvency unnecessary and order you to apply for an IVA.
Other people choose an IVA as a solution to bankruptcy before it gets as far as court. If you have large amounts of debt and need a solution to bankruptcy, then an IVA may be your answer.
Why not speak to one of our IVA specialists today on 0800 520 0923 or complete the online form. We will be happy to discuss your options and answer any questions you may have.
Banbruptcy commonly requires your assets to be sold to pay your debts. Assets with the highest value tend to be your home and car, thereby putting them most at risk.
An IVA allows you to keep your assets.
Your bankruptcy is advertised in the local newspaper and London Gazette. While not necessarily dirty washing it is nevertheless hung out to dry – which can leave you feeling the same way. You are literarily ‘declared bankrupt’.
An IVA, however, is strictly a private matter between you, the creditors and insolvency practitioner (who supervises the arrangement).
If declared bankrupt you will be unable to hold certain positions, such as promoting or managing a company. There are exceptions but only when permitted by the court.
With an IVA your professional status is unhindered, you can continue work as normal or even run your own business. This holds true for public offices, where your position will be unaffected with an IVA.
Both debtor and creditor save costs with an IVA.
For more information on the benefits of an IVA and how to apply, visit IVA UK.
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