Simon is a dedicated Debt Management and IVA specialist, with over 5 years experience.
Time
Bankruptcy payments can take up to three years. In comparison to five years of payments with an IVA, it does make bankruptcy a tempting option. Keep in mind that the preparations and procedures with bankruptcy are longer (and more expensive) than an IVA.
Assets
Unlike bankruptcy in the UK, you are able to keep your house and car with an IVA. Once a bankruptcy order is approved in court you lose control of you assets. Your assets may be used to pay off your debts. In addition any assets you might gain during your bankruptcy period can also be taken from you.
Stigma
In comparison to IVA, going bankrupt has a negative stigma. Its publication in press can be embarrassing for the people involved. An IVA however, gives you more privacy, as you only need to inform your creditors.
Career
IVA has no restriction on your employment and you do not have to tell anyone about your situation. Some industries will require you telling them you are bankrupt. If you are a business owner, it also can be taken from you in bankruptcy.
Where to from here?
Neither an IVA or bankruptcy is to be taken lightly, but bankruptcy is usually your last option. Now that you know the main differences, you need to get professional advice to find your way out of debt.
Get as much information as you can, IVA and Debt Management is a big step to take, always ensure you speak to specialist debt consultants and always be honest with them. Provide as much information as possible and they will be able to help.
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