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Services:
Bankruptcy
- Bankruptcy has many disadvantages, which explains why so many people try so hard to avoid it. The worst of the disadvantages are in turn the advantages of an IVA namely:
- You lose control of your assets (in particular your main asset which is your home or your share in it).
- The bankruptcy order is advertised in a local paper to your main residence.
- There is a potential investigation for any bankruptcy offence you may have committed.
- The trustee in bankruptcy will be able to challenge the validity of any assts you have transferred if they appear to be at an under value e.g. true market worth.
- After you have been discharged your ability to obtain credit will be severely affected.
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