Here at bankruptcy.co.uk we go to great lengths to understand the elements that put people in the position whereby a bankruptcy order is being sought or has been already granted. There’s no doubt about it that in most situations it can come as a welcome fresh start and a new beginning. But for some people the thought of it can be daunting and terrifying as they simply don’t understand the rules of the game.
As seasoned bankruptcy experts we provide help and information as well as an upbeat tone that simplifies what is ordinarily a complex process. Until only recently many people when searching for a debt solution would have opted for an IVA or individual voluntary arrangement.
This is because they were described in a way that made them look favourable in most instances. However the law has changed now for the Insolvency practitioners that earned their money from making IVA applications.
The law change now means that its simply not cost effective for the private Insolvency Practices to do consumer IVAs because they cannot get paid until 36 months. So you will see a lot of IVA providers now disappear.
So although they are available they will be harder to get and will no doubt we will see a spike in Debt management Agreements and personal bankruptcies.
If you are considering bankruptcy or have any bankruptcy questions then you can search for questions and answers on our website or alternatively just call us and see if we can help you. we probably can!
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