Individual Voluntary Arrangements
Recently I spoke to a lawyer about starting bankruptcy proceedings. I felt I had no other choice as the bills were piling up and I just couldn’t pay them. He recommended an IVA rather than bankruptcy. I had never heard of these before so I asked for more details. It turns out an IVA is an Individual Voluntary Arrangement. This process is similar to a bankruptcy in that you still divide up available assets among your creditors. I’m trying to figure out the advantages and disadvantages of both before I commit to anything. I don’t want to do something and have more problems. This is supposed to be a solution.
