Payments in bankruptcy can take up to three years. Compared to five years of payments with an IVA, it makes bankruptcy an attractive alternative. Keep in mind that bankruptcy preparations and procedures are more time-consuming and costly than IVAs.
Assets
Unlike bankruptcy in the United Kingdom, an IVA allows you to retain your home and vehicle. Once a court approves a bankruptcy order, you forfeit control of your assets. You may use your assets to settle your debts. Additionally, any assets you acquire during your bankruptcy period are subject to seizure.
Stigma
In contrast to IVA, bankruptcy carries a negative stigma. Publication of this information can be humiliating for those involved. However, an IVA affords you more privacy, as you need only inform your creditors.
Career
IVA imposes no restrictions on your employment, and you are not required to disclose your situation to anyone. Certain industries require that you inform them of your bankruptcy. If you own a business, it is also subject to seizure in the event of bankruptcy.
Where do we go next?
Neither an IVA nor bankruptcy should be treated casually, but bankruptcy is typically the last resort. Now that you are aware of the key distinctions, you must seek professional assistance to find a path out of debt.
Obtain as much information as possible; IVA and Debt Management are significant decisions; always speak with specialist debt consultants and be truthful with them. If you provide as much detail as feasible, they will be able to assist you.""
" - https://www.affordablecebu.com/
