Time Scale Involved?
An IVA typically lasts for 60 months (5 Years) Bankruptcy can take up to 3 years in which your assets are taken away from you. Also the procedures for bankruptcy usually take longer and the fee's involved are more expensive
What Happens To Your Assets?
After bankruptcy has been approved you lose control over you assets and have no say at what price they are sold for. These assets include your house car and personal possessions it's up to the trustee to decide what he wants to take from you. Also any assets you may gain during this time can also be taken from you. With an IVA you able to keep your assets the only difference is that you are asked to re-mortgage your property and use the equity to settle the debt in the final year
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Social Stigma Involved
When comparing to an IVA being declared bankrupt has a negative stigma attached to it, it can be embarrassing having it published in press and local newspapers. And IVA does have the benefit of giving you more privacy as only your creditors need to be informed
Career Implications
And IVA does not restrict what line of employment you can conduct, however with bankruptcy if you're a business owner it will be taken form you in bankruptcy, you also are not aloud to be a director of a company for the 3 years that it will take to complete, if your currently a director then you will have to hand it in. also if you're a professional in some trades like an account or a lawyer for example your no longer allowed to practice and will have to choose another line work from here on out
So what next?
It's important to make sure you get the best advice possible, bankruptcy would normally be the last option you choose but there are other alternatives to an IVA for less extreme situations.
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