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

The Disadvantages of Bankruptcy
• While you are an un-discharged bankrupt there will be:
1. A restriction against you obtaining further credit.
2. A restriction against you acting as a company director.
3. A restriction against you trading under a different name without disclosure to third parties.
• There are professional prohibitions which can bar a bankrupt from trading as, say, a solicitor or accountant.
• Any significant assets you own, such as equity in your home, automatically vest in your Trustee and he will seek to realise theses to help settle your debts.
• The bankruptcy order will be advertised in a local paper.
• Where the trustee believes you can afford it, he can compel you to make a monthly payment to the creditors, out of your income.
• The bankrupt has legal obligations to provide information and to deliver up his assets to the trustee.
• You may find it difficult to arrange a bank account.