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IVA - Truth Revealed
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If I go Bankrupt do I lose my Car
Throughout Ontario, and in fact everywhere in North America, people drive cars, and they worry that they will lose their car if they file for personal bankruptcy. The rules are different in every province and state, so this article only covers the law in Ontario, Canada. Consult your advisor for the rules in your area. In Ontario, if you go bankrupt, effective June 22, 2006 you are permitted to ke... Read bankruptcy article
Bad Credit Home Loan To Get You Out Of Debt
A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans to you - a loan based on your equity in your home even if your credit has slipped or isn't as perfect as it could be. By taking out a bad credit home mortgage or home equity loan, you can consolidate a... Read article
IVA - Truth Revealed
IVA Basics
An Individual voluntary arrangement (IVA is a government alternative to bankruptcy. You may feel there is no other solution other than going bankrupt. This is where you can use an IVA. An IVA is a very common procedure extensively used in the UK. It is a procedure of making an offer to the creditor by the debtor. Established in 1986 by the Insolvency Act, the arrangement provides flexibility to the debtor and varies from case to case. The Act was designed to cancel or declare invalid the bankruptcy order through a voluntary arrangement.
You can get immediate protection from the creditors by resorting to IVA. IVA enables you to repay your entire debt or a part of it over a period of time. Thus it gives you sufficient time to get out of the debt. The worst thing attached with repaying debt is the huge mental stress it puts on you and by using IVA, since you can buy some time, you can settle your debt with little worries. The creditor may or may not accept the offer made by the debtor. IVA can be used by individuals, partners or sole traders who are experiencing credit burden from their creditors. It is useful for people who own their own property and partners who are facing problems with their business. It is also used by sole traders who which to secure their debt for the present and gain more profits in future.
How Does an IVA Work
The IVA involves submitting a proposal to the creditors. At least 75% of the creditors must support the proposal. Once an IVA is approved, the creditors are bound to follow it. The IVA is a completely private agreement, the knowledge of which is not made public. Only the debtor, his advisors, and creditors know about the IVA. In certain cases, when a particular company that has lot of debt, if a bankruptcy is filed, the director has no powers and is removed from the position. However, if the IVA option is chosen, the director does not suffer. IVA enables individuals and traders to continue their routine work, including trading and generate income.
During the arranged period your financial status will be regularly reviewed to see if there has been any change in your financial situation. The IVA will be legally binding, so as long as you keep up with the repayments you have been set then you will be Debt free when your agreement term has finished.
It is the debtor's responsibility to pay the agreed payments to the IVA company who will then ensure that these payments are distributed to all creditors on a pro-rata basis in accordance with terms and until the successful completion of the IVA. It is in the debtors own interest to maintain their payments, as failure to pay will almost certainly result in the failure of the IVA. An IVA is an extremely powerful tool to clear any outstanding debt. As they are not freely advertised, they may not be as popular as bankruptcy but we are certainly noticing an huge increase on the number of people applying for an IVA.
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Life Before And After Bankruptcy
Have you been swiping your credit card dead? Have you been unable to resist the temptation of impulse buying? Does a day to by without you actually buying something... something that you really don't need or can't afford?
If the above scenario is anywhere near your current situation you may be headed for a financial tsunami or in plain English a bankruptcy. Unfortunately, too many people dismiss thoughtless spending as something that is actually harmless - that there is absolutely nothing bad about it but nothing could be further from the truth.
Man has passed thousands upon thousands of laws, some are good and some are really bad but there are also universal laws and one that always comes to roost when people over indulge is this... for every action there is an equal and opposite reaction. In other words, for every bad financial decision today, there will be an equal and opposite financial consequence tomorrow. In some cases, tomorrow might be a few months or in others a few years but it will come... count on it.
Shoring up your financial situation not only makes good sense financially but it also makes good sense emotionally and physically. Anyone who has ever gone through difficult financial times understands that it really takes a toll on your health. It becomes an overwhelming, ever present burden.
Life is all about choices and you can either make the choice to change and avoid bankruptcy or continue down the same path and risk putting yourself and family though the emotionally trauma described above. Of course, if your burden of debt has already reached epic proportions it may simply be time to do the inevitable and file for bankruptcy protection... either Chapter 7 or Chapter 11.
Although creditors want to collect a debt, contrary to popular belief they are not dumb and they want to work with you because only then can they get paid. Considering that you may be facing bankruptcy if they can't worked something out it's clearly in their financial interest to help you. As a result, most creditors and lenders will do anything and everything they can to provide you with options that will help you begin the climb out of the financial abyss of debt.
However, sometimes bankruptcy is simply the way the go and fortunately, if you find yourself in the position where bankruptcy is inevitable or you are currently going through or will soon have your bankruptcy discharged... there is life after bankruptcy. It's not as good as it was before Congress changed the bankruptcy laws a few years ago but you still have options.
One such option is the ability to get a mortgage after bankruptcy (also called a bankruptcy mortgage) within a relatively short period of time. Of course, do a little research, shop around and remember that even after bankruptcy you have options and that many aspects of a mortgage are negotiable.
Tip - For options in finding the best lender for you, check out the links below.
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Throughout Ontario, and in fact everywhere in North America, people drive cars, and they worry that they will lose their car if they file for personal bankruptcy. The rules are different in every prov... Read bankruptcy article
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IVA - Truth Revealed
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