It is unknown and also often confused upon the fact of bankruptcy and IVA. Many people think that IVA and bankruptcy are quite different from each other but as a true fact, it is to be said that both of the above said terms are forms of insolvency but also it is to be added that the working process of both of them are quite different.

It is an obvious fact that both of the processes are legal and also is able to write off some of the loan existing over any individual which means that they are offering a certain amount of protection from the creditors from which the loan is taken and also limiting their ability to take any type of action against the individual for the process of recovering a loan.

In a situation when you are not actually sure of the fact of the option which is most suitable for you the information that is provided down below is going to have a bit of more explanation over the choice of solution that might cause the ability for being a better solution for your situation. Each of the provided solutions is going to have a significant amount of impact over the various areas of the aspects of your life so it is required and also strictly advised that you think carefully about all of the aspects and decide the solution for yourself.

Iva and bankruptcy: effects over home

IVA and bankruptcy have a sufficient amount of effects over the financial condition of your home and also this is going to be depending on over the factor on whether or not you are going to rent the house or you are going to own it. If you are willing to rent your home during an event of the running contract of IVA the contract is going to have absolutely no effect and it is really of a fact that you are going to need to move from your home. And if you have already given rent your home and later on you go bankrupt then you can usually have the residence inside the same property and in conditions to be met that the rent is up to date.

And in such a situation when you possess the ownership of your house during the IVA contract is in effect you are not going to be forced for the sale of your property but also it is likely that you might be required to remortgage the property for the time period of 6 months before the contract of IVA is going to end. You are required for the event of remortgage only if the event is true when to be available to you and also if in a situation when you cannot actually afford the event you also might be required to pay extra 12 months of time for the payment into the contract of IVA or even you could have the supply of money from a source of the third party.

Effects over car

If you have applied for on contract then you will normally have the ability to keep your car categorized even as a van or even a motorbike for the time period that is moderately made and model priced. In such type of event when you have actually applied for bankruptcy instead of IVA then the receiver who is officially entitled to your situation is going to be expecting that you are going to sell your car or a man or a motorbike unless the fact that it is really essential. In this type of situation you could easily hire an insolvency practitioner for yourself for IVA information.