Bankruptcy can be an unpleasant experience and stressful period and to avoid this many individuals have opted to propose an alternative known as Individual Voluntary Arrangement (IVA), introduced as far back as 1986 by the Government.

Unlike an IVA bankruptcy has many disadvantages:

• Your name and address will be advertised to the public (usually in local paper) not affected with an IVA
  
  
• Social Stigma with bankruptcy not affected with an IVA
  
  
• Professional disqualification, you no longer may manage, promote or form a company without court permission not affected with an IVA
  
  
• Your right to hold public office can be affected not affected with an IVA
  
  
• Bankruptcy may force the sale of all your assets e.g. property / cars not affected with an IVA
  
  
• You may still be required to make payments through an Income Payment Agreement, IPA, usually for a period of 36 months from the date of the bankruptcy
  
• You may be subject to a Bankruptcy Restriction Order, BRO