If you have found yourself in that unenviable position of having to decide whether an Individual Voluntary Arrangement (IVA) or bankruptcy is right for you, it is highly likely that you would have already sought expert advice through a company that should be able to help you. One such may well be David Burnell Financial Services.
Whichever of these two options you choose, or are forced to choose, you must note that a degree of your autonomy to decide of personal financial matters will be taken away from you. However, bankruptcy would present the biggest restrictions being placed upon you.
Bankruptcy does appeal to many people as a way of literally wiping the slate clean, so to speak. But it is important to know that it really is not necessarily as simple as that. Your finances would be under the watchful eye of an individual who will have the duty of raising as much of your money as possible in order to pay off your creditors. Further, your home and other assets will be lost if you go through with bankruptcy.
With this in mind, if you own your own property, bankruptcy is something that you should aim to avoid at all costs. An IVA may well prove to be the best option for you here. They last for 5 years and at the end of the arrangement, a sizable chunk of your debt could well be written off.
If you are in severe debt and these options seem likely to be helpful to you in the future, it is vitally important that you seek immediate professional advice. There are a number of companies out there that are able to help with these details and, indeed, charities that may be able to assist you. Do not bury your head in the sand and hope that these problems will just go away - alas, life is never like that!
