Bankruptcy Alternatives

Avoid Bankruptcy With An IVA

An IVA can help clear your debts without the need to apply for bankruptcy. In an IVA agreement, you cannot be forced to sell you home or other assets such as a car whereas in bankruptcy, your assets are controlled by a magistrate for when your proceedings come to court. In an IVA, a Debt Management company negotiates your debt on your behalf with your creditors.

There is no stigma associated with an IVA unlike bankruptcy. With bankruptcy there is a requirement to advertise in the newspapers and notify your employers and landlord, these actions are not required for an IVA. An IVA does not affect your career, whereas bankruptcy can, especially in certain professions where you can actually lose your licence or job. In an IVA, you can remain or become a company director, whereas bankruptcy can have a wider affect in this area.

Avoid Sequestration With A Trust Deed

There is no stigma associated with a Trust Deed and there is no requirement to publish your details which is not the case with sequestration.

Unlike sequestration, you can still hold public office duties whilst under a Trust Deed. A Trust Deed is also cheaper to administer.