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Mar
19
Filed Under (Finance) by admin
When debts become overwhelming, it is usual to think about of bankruptcy as the last resort. However, there is option which is far less restrictive but can be just as beneficial for the debtor … Individual Voluntary Arrangements. An IVA is an arrangement between the debtor and his creditors to repay a percentage of the debt over the life of the IVA. This is to be done under the watchful eye of a bankruptcy practitioner. At the end of the IVA any outstanding debt is usually written off. Normally only a debtor can initiate this. When hearing his petition, the court will consider whether an IVA is suitable than bankruptcy.
