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I have been reading abour BR and it sounds like a joke compaired with IVA. Is it really so easy to get away from being in dept?
And after 1 year you are back to normal? With IVA it takes 6 years!

butt in the fly-butterfly

There are a lot of people who would be inclined agree with you there 77dept! But the bankruptcy still remains on your credit file for 6 years following your discharge.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

If you are a home owner, you will probably need to sell your house in bankruptcy, but you don't have to in an IVA.

77dept i wouldn't say BR was easy its the last option you have and a very serious one, i will live with the consequences of mine for many years to come, i am about to lose my home and move away from family and disrupt my childrens lives, when BR it still stays on your file for 6 yrs, we still have to pay an IPA for 3yrs but yes we are allowed a more lenient I+E, i wouldn't say that after one year we will be back to normal, we will be discharged yes but the were will still be many restrictions and consequences on us for our chosen path.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

I didn't choose BR lightly. As Kerri says once you are made BR you live with the consequences for a long time afterwards. If I am ever asked if I have been bankrupt, I have to reply yes, no matter how far down the line this is. I will probably never get the same mortgage rate as someone who has never been BR as that is one of the questions most companies ask. Also, I wouldn't wish the stress on my worst enemy. Yes, the relief when I actually went BR was amazing, but the lead up to it had to be one of the worst times of my life.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/