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Personal InsolvencyPersonal Insolvency Bankruptcy and Individual Voluntary Arrangements are both forms of personal Insolvency. CALL NOW FOR FREE AND CONFIDENTIAL BANKRUPTCY ADVICE ON 0800 583 20 20 OR COMPLETE OUR ONLINE BANKRUPTCY ADVICE FORM. Bankruptcy 1. In Bankruptcy any assets you own of any reasonable value will pass in to the hands of the official receiver who will then dispose of them, to realise funds to pay your creditors. This can mean your house and car. 2. By law your Bankruptcy will have to be advertised, this will happen in the local press where you live and also the London Gazette. 3. Being made or declaring your own bankruptcy may affect your employment. 4. Once discharged from bankruptcy it may be difficult to obtain future credit including mortgages. 5. Being made bankrupt means that you can no longer act as a company director. 6. As part of the bankruptcy order you may be required to make a monthly contribution as well as loosing your assets. This contribution would be payable for three years. 7. If you have been declared bankrupt before the term of your bankruptcy may be increased from anywhere between five and fifteen years. 8. you will no longer be able to maintain your bank account which may then prove difficult for you to receive any income such as salary or any benefit. CALL NOW FOR FREE AND CONFIDENTIAL BANKRUPTCY ADVICE ON 0800 583 20 20 OR COMPLETE OUR ONLINE BANKRUPTCY ADVICE FORM. Individual Voluntary Arrangements – IVA 1. An IVA will protect any assets you own which means you will not be forced in to selling your property. 2. An IVA is not published in any form. 3. An IVA should not affect your employment. 4. Obtaining credit once your IVA is completed is often easier than if you were a discharged bankrupt. 5. You can continue to act as a company director whilst under an IVA. 6.You will be required to either make a monthly contribution or introduce a lump sum into your IVA but this will be a sum that is affordable by you. 7. If you do not have an overdraft or any other borrowing facilities with your existing bank then you are able to continue using it, alternatively you can open a new account. 8. If you have entered in to an IVA then the length of the arrangement would be no different then before. CALL NOW FOR FREE AND CONFIDENTIAL INDIVIDUAL VOLUNTARY ARRANGEMENT ADVICE ON 0800 583 20 20 OR COMPLETE OUR ONLINE INDIVIDUAL VOLUNTARY ARRANGEMENT ADVICE FORM BELOW: |
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