A typical IVA lasts sixty months (five years). Bankruptcy can last up to three years, during which your assets are liquidated. In addition, the procedures for bankruptcy are typically more time-consuming and expensive.
What Occurs With Your Assets?
After your bankruptcy is approved, you lose control of your assets and have no say in their sale price. These assets include your home, automobile, and personal belongings. It is up to the trustee to determine what he wishes to remove from you. Also, any assets you acquire during this period may be confiscated. With an IVA, you can keep your assets; the only distinction is that in the final year, you are required to re-mortgage your home and use the equity to pay off your debt.
Social Stigma Involved
When compared to an IVA, being declared insolvent carries a negative stigma, and it can be humiliating to have this information published in the press and local newspapers. And IVA has the advantage of granting you more privacy because only your creditors must be notified.
Career Consequences
And IVA does not restrict the type of work you can do, whereas in bankruptcy, if you own a business, it will be taken from you, and you cannot be a director of a company for the three years it will take to complete the process; if you are already a director, you will have to resign. Also, if you are a professional in certain fields, such as an accountant or a lawyer, you are no longer permitted to practice and must choose a new career path.
So what then?
It is crucial that you receive the finest advice possible; bankruptcy should be your last resort, but there are alternatives to an IVA for less dire circumstances.""
" - https://www.affordablecebu.com/
