Iva bankruptcy

Iva bankruptcy article is written so you can get the real truths about these two methods of solving your debt problems

IS IVA BETTER THANK BANKRUPTCY ?

Here are 3 major reason why IVA is a better option than Bankruptcy.

• Saves You From Bankruptcy

When you become bankrupt, you the person in debt will loose all your assets like house , car, savings, stocks and shares plus if you have any equity in your home its almost a certain that it be sold to regain back the creditor losses.

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Also if you going to go for bankruptcy and you own a business realise your business could be sold off and your employee will have to be let go.

Furthermore trying to get a bank account is rather difficult as you be blacklisted , and your credit score will be damage for life.

Bankruptcy is a very costly procedure and any cost from insolvency practitioner to paper work etc will be added to your debts and costs.

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When you going in to debt realise that all your financial information will be investigated severely.

Also if you choose the bankruptcy path your name will appear in the local papers like the London Gazette plus your name can be viewed online at the online at the Insolvency Service website which makes it possible for anyone in the world to access the information.

Be aware that when going bankrupt you cannot hold certain jobs or professions such as work in public offices like a MP, councillor or magistrate or work as a accountant or solicitor.

You furthermore can are not allowed to be company director or trade under another names, if you do the penalties are severe.

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There are certain debt that cannot be wipe off such as fines , child support payment, maintenance , debt from personal injury claims, debt incurred through fraud or any other criminal activities.

Being bankrupt does not mean you are totally free from creditors as secured creditors with join debt s, they can still pursue the non bankrupt debtor.

There are times when if you are found to be blamed for the bankruptcy you are found to be fully responsible you can be restricted from going bankrupt for up to 2 to 15 years.

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• Creditors would stop demanding money from you

When you go for a IVA your Insolvency practitioner will arrange a contract between you and your creditors on the sum that you can afford to pay of the debt , once they do this, All your debtors for example from credit cards to loans, to companies , will stop demanding money from you and the letters will stop trust me I'm talking from experience check my IVA story 'how to reduce debt quickly'

• Be completely debt free in 60 months

If you choose the IVA route realise your debts that you declare will be totally written off after 60 months, what happens is you agree with the creditor what you can afford to pay off, and that's all you pay for the next 60 months, after that what ever left will be written off, I had 50% of debt written off.

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Conclusion if IVA better that Bankruptcy

Absolutely especially from my experience you, don't get hassle , you don't get your name blacklisted for life plus after the 60 months according to banks, companies and creditors I will seem for viable to there eyes, if you want to know more about the IVA check my article IVA debt solution