When desiring for a debt-free future, you can look for Individual Voluntary Arrangement who would help you adequately to get out of the stigma of bankrupt. If you owe a good amount of debt to two or more creditors, with a low monthly income, then opting help from this management would help you to follow the right path. Being in the bankruptcy phase of your life can make the life difficult. This is applicable for the one who is serving in civil service, armed forces, financial services and the like. Other than this, situations can also become problematic as the contract of any company declares a disclosure of bankruptcy as an offence.
Tips To Use The Arrangements Perfectly
- As soon as IVA is set up, the debt would be frozen, and in addition to this, the interest charges will not be added anymore. Following this, the legal proceedings would also be seized.
- By the help of this efficient team, even if you have a lot of debt, you can try to save your home and assets. Only those assets would be considered which are not claimed as a surplus compared to your existing property. You might have to sell any equity if you have but in case of assets such as life insurance or car, you need not have to sell the same.
- The team only takes into account the disposal income of the individual. In addition, general expenditures would be allowed such as living expense, rent and others but it excludes any luxurious expenditure. Therefore, with the help of this team, you can live a good standard of life.
- Most importantly, the creditors cannot harass your often, and they also cannot insult your until you continue to pay the monthly payments. It is according to the legal terms of the agreement. You need not have to worry about the dealings with the creditors, and it would be completely taken care of by the IVA team.
- In case you happen to be a business person, you can continue with your trading with the help of the IVA. You will not face any obstacle in obtaining any credit required for the smooth running of your business. As bankruptcy is likely to have a negative impact on your business, you can check it out here for more information
If you are going to serious bankruptcy condition, then you should not delay in contacting with an expected team of Individual Voluntary Arrangement. They would certainly help you to get out of the situation in the best way possible by maintaining a standard way of life.
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