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A better option than bankruptcy

October 29, 2011

Well an IVA is certainly a far better option than bankruptcy due to the fact that it protects you from liquidating all your assets which might just cause you to become an absolute pauper. With IVA you can still have your house and you can still go on in your trade or any professional practice that you might be engaged in such a condition. It is a private agreement and is between you and your creditors and though you might be able to keep all you need for your living expenses you certainly are liable for informing them about any savings that you might have or any recent possession of money you might have recently have landed into.

You can keep all your personal belongings however those that might just in case not be considered as absolutely important for you to keep like something of your really expensive taste like say silver cutlery or say a sports car then you might be just asked to sell them away and the amount that is generated by that you will have to use to pay away the debts of your debtors. But then you can keep articles for the modest means of living and articles of daily use.

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