ediunia82 wrote:Question regarding surplus you need to pay for 3 years in bankruptcy, is it same calculations/allowances as on IVA, or is it different??? Cheers!
They are broadly similar, but different.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It also depends where you live. The allowances in N Ireland are much more generous in bankruptcy than England and Wales and income payments orders much less likely. You can always reduce your surplus in bankruptcy by arguing that in an IVA you were prepared to make more of a sacrifice and you can fight your corner.
Lisa Thomas wrote:The biggest difference is the timescales! 3 years in BKY and 5-7 in an IVA
Three years payments -- which you might not get and usually discharged from the actual bankruptcy after the first year these days. And .... unless you do something really daft and dishonest ... a BR won't fail !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
