IVAs & Bankruptcy

Choose from the following topics:
What is an Individual Voluntary Arrangement (IVA)?
How and why would a creditor accept a lower amount? <
What do I have to pay for this advice?
The Advantages of an Individual Voluntary Arrangement
The Disadvantages of an Individual Voluntary Arrangement
The Advantages of Bankruptcy
The Disadvantages of Bankruptcy
The IVA Process

How and why would a creditor accept a lower amount?
Your creditors vote on whether to accept or reject your proposal but, where they vote to accept it, a legal agreement is created which is binding on you and your creditors.

An Individual Voluntary Arrangement is often a preferable alternative to bankruptcy both from your point of view and that of the creditors.

In practice most creditors will petition for bankruptcy only as a last resort. This is because the fees associated with bankruptcy are high and, unless there are significant assets to be realised within the bankruptcy, there is often little left for the creditors.