All unsecured debts written-off
No future obligations or monthly payments
Discharged from bankruptcy after 1 year
Fees, court costs etc. total £760
Bankruptcy is advertised and will
affect any future credit rating
Bankrupt can have a bank account
Bankrupt's home is very rarely sold
Can't be a company director for 12 months
It's cheaper, you are totally debt free, and discharged from bankruptcy in 12 months
No future obligations or monthly payments
Discharged from bankruptcy after 1 year
Fees, court costs etc. total £760
Bankruptcy is advertised and will
affect any future credit rating
Bankrupt can have a bank account
Bankrupt's home is very rarely sold
Can't be a company director for 12 months
It's cheaper, you are totally debt free, and discharged from bankruptcy in 12 months
PHOENIX
Bankruptcy writes-off all your unsecured debts, meaning that you will be debt free instantly, with nothing to repay, and your bankruptcy ends after only 12-months. An Individual Voluntary Arrangeent ('IVA') will (normally) require you to repay at least 30% of your debts, plus costs, by regular monthly payments from your income for 5 years
BUSINESS SERVICES
Bankruptcy or IVA - what's the best option?
Bankruptcy
IVA
Obligation to repay at least 30% of debts
60 monthly payments must be made
IVA lasts 5 years +
Fees typically total in excess of £5,000
Most IVA's fail, ending in Bankruptcy
IVA's are recorded in a public register and will affect any future credit rating
Home is at risk until IVA is completed
Can be a company director
It's more expensive, you are committed to make monthly payments for 5 years
60 monthly payments must be made
IVA lasts 5 years +
Fees typically total in excess of £5,000
Most IVA's fail, ending in Bankruptcy
IVA's are recorded in a public register and will affect any future credit rating
Home is at risk until IVA is completed
Can be a company director
It's more expensive, you are committed to make monthly payments for 5 years
To become completely debt free, call
0871 245 4885
0871 245 4885