IVA & Bankruptcy Comparison
About IVA / Procedures / IVA & Bankruptcy Compariso / Calculator / Success Cases / Q&A
About IVA / Procedures / IVA & Bankruptcy Compariso / Calculator / Do you need IVA? / Success Cases / Q&A
IVA & Bankruptcy Comparison
| IVA |
|---|
| Suitable for those who have stable income |
| Provide documents on asset and debt |
| Avoid damaging your reputation of being a bankrupt |
| Avoid all the restrictions of being a bankrupt |
| Minimise impact on your job or any professional certificates |
| Will not inform your employer |
| Can keep your property |
| Can keep and apply for bank accounts |
| Able to continue insurance contributions |
| No limitation on departure |
| Repayment plan lasts for 3 to 7 years, depending on income & debt ratio |
| Fixed monthly repayment amounts, periods and rates |
| Monitor by nominee |
| Bankrupt |
|---|
| Suitable for those with lack of ability to make repayments |
| Explain (if there is) any asset transfer in recent years |
| Affecting credit ratings seriously |
| Many restrictions |
| May affect current employment |
| Unable to operate any businesses |
| Losing professional certificates |
| Properties will be sold by Official Receiver’s Office |
| Unable to continue insurance contributions |
| Need to report for departure |
| Bankruptcy order lasts for 4 years, and can be extend to 8 years |
| Apart from basic living expenses, all your income has to be contributed to repayments |
| Monitor by Trustee in Bankruptcy |
| IVA |
|---|
| Suitable for those who have stable income |
| Provide documents on asset and debt |
| Avoid damaging your reputation of being a bankrupt |
| Avoid all the restrictions of being a bankrupt |
| Minimise impact on your job or any professional certificates |
| Will not inform your employer |
| Can keep your property |
| Can keep and apply for bank accounts |
| Able to continue insurance contributions |
| No limitation on departure |
| Repayment plan lasts for 3 to 7 years, depending on income & debt ratio |
| Fixed monthly repayment amounts, periods and rates |
| Monitor by nominee |
| Bankrupt |
|---|
| Suitable for those with lack of ability to make repayments |
| Explain (if there is) any asset transfer in recent years |
| Affecting credit ratings seriously |
| Many restrictions |
| May affect current employment |
| Unable to operate any businesses |
| Losing professional certificates |
| Properties will be sold by Official Receiver’s Office |
| Unable to continue insurance contributions |
| Need to report for departure |
| Bankruptcy order lasts for 4 years, and can be extend to 8 years |
| Apart from basic living expenses, all your income has to be contributed to repayments |
| Monitor by Trustee in Bankruptcy |
IVA & Bankruptcy Comparison
| IVA |
|---|
| Suitable for those who have stable income |
| Provide documents on asset and debt |
| Avoid damaging your reputation of being a bankrupt |
| Avoid all the restrictions of being a bankrupt |
| Minimise impact on your job or any professional certificates |
| Will not inform your employer |
| Can keep your property |
| Can keep and apply for bank accounts |
| Able to continue insurance contributions |
| No limitation on departure |
| Repayment plan lasts for 3 to 7 years, depending on income & debt ratio |
| Fixed monthly repayment amounts, periods and rates |
| Monitor by nominee |
| Bankrupt |
|---|
| Suitable for those with lack of ability to make repayments |
| Explain (if there is) any asset transfer in recent years |
| Affecting credit ratings seriously |
| Many restrictions |
| May affect current employment |
| Unable to operate any businesses |
| Losing professional certificates |
| Properties will be sold by Official Receiver’s Office |
| Unable to continue insurance contributions |
| Need to report for departure |
| Bankruptcy order lasts for 4 years, and can be extend to 8 years |
| Apart from basic living expenses, all your income has to be contributed to repayments |
| Monitor by Trustee in Bankruptcy |
| IVA |
|---|
| Suitable for those who have stable income |
| Provide documents on asset and debt |
| Avoid damaging your reputation of being a bankrupt |
| Avoid all the restrictions of being a bankrupt |
| Minimise impact on your job or any professional certificates |
| Will not inform your employer |
| Can keep your property |
| Can keep and apply for bank accounts |
| Able to continue insurance contributions |
| No limitation on departure |
| Repayment plan lasts for 3 to 7 years, depending on income & debt ratio |
| Fixed monthly repayment amounts, periods and rates |
| Monitor by nominee |
| Bankrupt |
|---|
| Suitable for those with lack of ability to make repayments |
| Explain (if there is) any asset transfer in recent years |
| Affecting credit ratings seriously |
| Many restrictions |
| May affect current employment |
| Unable to operate any businesses |
| Losing professional certificates |
| Properties will be sold by Official Receiver’s Office |
| Unable to continue insurance contributions |
| Need to report for departure |
| Bankruptcy order lasts for 4 years, and can be extend to 8 years |
| Apart from basic living expenses, all your income has to be contributed to repayments |
| Monitor by Trustee in Bankruptcy |