Bankruptcy and IVA benefits
Those who benefit from entering the protection of a bankruptcy order:
- People with no assets
- People living in either rented accommodation or with friends and family
- Those whose livelihoods would not be lost or affected by being in Bankruptcy
Those who benefit from entering an IVA:
- People with assets
- A significant amount of equity in their home which their partners are NOT in a position to buy them out of
- Those whose jobs would be lost if they are declared bankrupt
- Bank/building society employees, Accountants, Solicitors, Councillors, MPs
- Those who are protecting business interests i.e. directorships, share holdings, sole traders and those in limited or unlimited partnerships.
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