Debt Worries ?
Get the facts about Bankruptcy & IVA's
This website explains UK Insolvency Law & is intended to help you decide upon the best path to solve your debt problems.
For confidential advice specific to your circumstances, please call us on Free phone 0800 107 8449.
We offer free advice and will explain all your options.
Want to know about IVA's?
An IVA (Individual Voluntary Arrangement) allows you to avoid bankruptcy, keep your home. By making affordable payments, become you will become debt free in 5 years.
What is an IVA ?
IVA's were introduced by the UK Government in 1998 to be alternative to bankruptcy for people with unaffordable debts. An IVA means you avoid the trauma of bankruptcy while being able to write off up to 70% of your debts.
IVA Pros and Cons
The advantages and disadvantages of an IVA with respect to Bankruptcy, Debt Consolidation Loans and Debt Management explained.
IVA Costs and Fees
Most IVA advertising gives the impression the either the service is free or that fees are of no consequence to the debtor. Read the truth about IVA charges as how this affects the success chances of your IVA proposal.
IVA Time Frame
According to the Court and Insolvency Act 1986, an Insolvency practitioner should complete their work in setting up an IVA in 60 days.
IVA or Bankruptcy ?
An IVA is not a severe as Bankruptcy and has many advantages. Here we explain the basic differences between UK Bankruptcy law and an IVA.
IVA Case Studies
Examples of typical IVA cases from a diverse range of personal circumstances.
IVA Frequently Asked Questions
A searchable database of IVA questions & answers prepared by our team of Insolvency Practitioners.
Bankruptcy Advice
Subject to some restrictions, bankruptcy frees you from all your debts. The court appoints an Official Receiver to take over control of your finances ensuring your assets are shared them out fairly amongst your creditors.
Statutory Demand
Receiving a Statutory Demand can be the first step to being made bankruptcy by a creditor.
Bankruptcy Pros & Cons
If you have the choice, consider the advantages and disadvantages before deciding upon Bankruptcy over alternatives.
Bankruptcy Petition
There are 3 ways to become bankrupt. Debtor (your own) petition, Creditor petition or by Insolvency Practitioner petition in the case of a failed IVA.
Bankruptcy Hearing
A Bankruptcy hearing is when a district judge considers an bankruptcy petition to decide whether or not to make a bankruptcy order.
Bankruptcy & Your Home
When made Bankrupt, your financial interest in your home automatically passes to the Official Receiver.
Bankruptcy & Your Assets
Information on belongings included & excluded from bankruptcy, and asset obtained during bankruptcy and assets disposed off prior to bankruptcy.
Restrictions in Bankruptcy
While bankrupt you will be under financial restrictions and depending upon profession, may loose your job.
Bankruptcy & Your Car
Like any other asset, you may lose your car when made bankrupt, however they are exceptions. Being the registered keeper, does not automatically make you the legal owner.
Bankruptcy Restriction Orders
This applies when the Bankrupt is considered to have been dishonest or blameworthy with respect to their financial problems.
Payments from income during Bankruptcy
You may be required to make payments from your income towards your debts for up to 36 months.
Official Receiver and Trustees in Bankruptcy
An explanation of the roles of the Official Receiver & Trustee in administering a bankruptcy order.
Debts not written off in Bankruptcy
Bankruptcy will generally free you from all your debts, however after bankruptcy discharge, you may still be liable for some debts.
Bankruptcy & Pensions
In Bankruptcy, you may lose some of your pension and have to make payments from any pension income towards your debts.
Bankruptcy & Bank Accounts
When a Bankruptcy order is made, you must stop using you bank account and surrender your cheque book and bank card to the Trustee.
Bankruptcy Annulment
Reasons when you can apply for your Bankruptcy to be cancelled or annulled
Instant Advice
If you want to apply for Bankruptcy, an IVA or would just like some
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