The comparative benefit to choose between an IVA or bankruptcy is that an Individual Voluntary Agreement will allow an individual to retain more control over their affairs and assets. Following individual or company bankruptcy proceedings, the trustee may seize assets including the equity in your property which you would then have to consider refinance borrowing, help with remortgaging property or in some circumstances selling the property. Probitas are a debt advisory centre dedicated to using all their expertise and experience in financial and IVA debt advice to find IVA settlement solutions that keep people in their homes.
An IVA allows an individual to avoid the stigma of personal or business bankruptcy. An individual who has suffered company bankruptcy cannot be a director of a company and in some professions you may lose your job as a result.
A personal or company bankruptcy would be advertised in a local newspaper.