IVA Vs bankruptcy

Before you take any action to apply for an IVA (Individual Voluntary Arrangement) or your own bankruptcy, you should seek expert advice about your debts and the options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt or if you could qualify for an IVA.

Please call 0800 015 3135 to speak to one of our expert advisors to see how Direct Debt Solutions can help you. Or take the Express Debt Test to see what other debt solutions are available.

What will happen to my assets in an IVA and Bankruptcy?

Large assets are vulnerable in bankruptcy, such as your home if you have a share of the equity, valuable vehicles and other possessions, whereas an IVA should offer some protection to these assets, and save them from being surrendered.

Can I keep my job if I'm made Bankrupt?

Some careers and professions bar bankruptcy as an option. People working in the armed services, the police force and some other public offices are restricted from being able to declare themselves bankrupt, as too are accountants, lawyers and other professionals.

Will my bankruptcy be advertised?

Bankruptcy is a public matter. Legally, there are some people that must be informed, such as your banks. It will also be published in newspapers. An IVA is a more private option. The fact that you have undertaken an IVA will be published on the Insolvency Service Website, but it will not be published in any newspapers.

Should I choose bankruptcy of an IVA?

In order to ensure that you choose the best solution to deal with your debts you should seek expert advice about your debts and all the options available to you.

Speak to a Direct Debt Solutions advisor free on 0800 015 3135 and we'll advise which debt solution would best suit your debt problems or take the Express Debt Test now and find out which solution is best for you.

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