What is the Difference Between an IVA and Bankruptcy?
IVAs should be regarded as a very serious step, which is very close to bankruptcy. You could still be made bankrupt if you do not keep up with IVA payments. One of the main differences between and IVA and bankruptcy is that you will generally be allowed to keep your home and some other assets, whereas with bankruptcy, all your assets are used to pay off your debts. Bankruptcy also excludes you from certain professions, which having an IVA does not. Your future credit rating will be affected less by an IVA than bankruptcy.
