Individual Voluntary Arrangement or Bankrupcty, which one is a better insolvency solution?
![How Individual Voluntary Arrangement is different from Bankruptcy ?](https://expertscolumn.com/image_files/thumbmain/imag_770733920_1307933739.png)
Individual Voluntary Arrangement or IVA, was introduced by the Government with the idea of allowing the creditors to recover more money from the debtors than they could have recovered in case of bankruptcy. The debtors need to understand the differences between both IVA and bankruptcy in order to make their choice. Hope, after reading this article on IVA vs Bankruptcy, you would be able to finalize the best insolvency solution from the two options differentiated, here.
The Individual Voluntary Arrangement or IVA is basically an agreement done between you and your creditors, wherein you agree to make contribution on monthly basis to the Insolvency Practitioner appointed by you, who inturn will distribute this amount among your creditors after deducting their charges. This facility is only available for people residing in England, Wales and Northern Ireland. Though, both IVA and Bankruptcy are formal insolvency solutions, they do have certain key differences between them. These key differences can help you to decide which one to choose in order to write off your unsecured debts.
General
Assets
Career
Bank Accounts
Thus, one should surely, consider Individual Voluntary Arrangement or IVA as an alternative solution to Bankruptcy.
This article speaks about the controlling function of a business management. It discusses the importance of controls in an organization in the attainment of business goals and objectives..
Personal finance refers to financial management of monetary resources available to an individual or family unit. The need to plan, strategize, and streamline cash flow the right way is important to ensure a secure future.
Business life is stressful. Therefore organizations have realized the impact of stress on work and yet have taken an initiative to counsel the business employees to improve the work efficiency by promoting stress free life..