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T O P I C R E V I E W
a.a
Posted - 05 March 2007 : 23:21:58 Isn't bankruptcy easier than doing an IVA? I'm probably being silly but I thought it would be.
1 L A T E S T R E P L I E S (Newest First)
Debtdummy
Posted - 06 March 2007 : 17:16:52 a.a hello and welcome to the forum. In terms of putting pen to paper an IVA is easier. The IP prepares the IVA drafts and the final proposal. With a bankruptcy you fill in the petition yourself. That is the only way it is easier.
The decision to go bankrupt is a heart wrenching one. One stands to lose all that s/he has worked for and took pride in achieving. Imagine, everything you can see in your home of 'value' taken. Take a minute and slowly walk through your home. In your minds eye envision it disappearing. Was it easy? No. Possibly, you lose your car and home too. Not to mention, depending upon your job you could lose that as well as people who have careers in certain professions can't go bankrupt without repercusions. Imagine how they must struggle to maintain an Iva for 5 years.
A bankruptcy even today still carries a stigma for many people. For these people it's admitting they couldn't repay their creditors. To them it's admitting they have somehow failed which is why sites like this one are so important. We offer support and valuable information to help them accept the inevitable;and to retain and maintain their sense of self-respect and self-worth.
I refer to a bankruptcy as financial management of the last resort. A measure not to be taken lightly and only with professional advice. However, those who do use this financial tool, in the end, find great relief and a new financial start.
I hope this answered your question. You take care, a.a .
