IVA or Bankruptcy – Which is better?
I am often asked whether an IVA or bankruptcy is better and the answer of course depends upon the specific circumstances of the person who owes the money. If you owe money and are trying to decide whether to enter into an IVA or declare yourself bankrupt here are some important factors to bear in mind.
Are you a director? IVA as bankruptcy prohibits you being a director.
Do you work as a policeman, fireman, a politician or judge or solicitor or accountant? IVA as bankruptcy prohibits you continuing in those fields.
Do you own a house with equity? IVA probably best.
Does your spouse or partner own more than 50% of the property you live in? IVA probably best.
Have you transferred any property to anyone in the past 2 years? IVA probably best.
If you have no property Bankruptcy may be the better option.
If you are unemployed bankruptcy may be the better option.
However when looking at whether bankruptcy or IVA is better your specific circumstances are vital and therefore we would recommend you take FREE advice from me, Lynn Gibson or my team on 01932 336149.