Bankruptcy for Self-Employed? Ever considered an IVA?

If you are self-employed and considering bankruptcy, a resident of England or Wales, then you could be elligible for a Government backed IVA. And if you are a resident of Scotland then a Trust Deed should be considered.

An IVA is not as 'harsh' as bankruptcy and bankruptcy for self-employed could be made more stress free by taking out an IVA instead. Get in touch with us today and let one of our debt help experts talk you through this government backed bankruptcy alternative.

Criteria for self employed IVA
0 3 or more creditors
0 At least £15,000 in debt
0 £200/month disposable income

Bankruptcy for Self employed

An IVA can help to reduce your debts by up to 75% in certain circumstances. An Insolvency Practitioner will negotiate reduced payment with your creditors and a 5 year plan will then be put in place, during which you will make set payments.

Getting a self employed IVA is one of a few options open to you as another option is a Debt Management Plan which can be put in place if you have debts of £5,000 or more.