So why is an IVA more flexible than bankruptcy? Well I guess it all depends on your individual circumstances, the amount of money owed, your income and your lifestyle. There are many positives to both an IVA and bankruptcy of course dependant on what suits your individual needs.
The flexibility with an IVA is that you do have to make payments to your creditors but only what you can afford to pay and normally over a fixed term this does require court proceedings but normally you do not have to be present and neither do your creditors if they don’t want to be. You also might not have to loose your home or your possessions and normally is a private arrangement.
Bankruptcy is a lot more serious than an IVA but you are also protected that they cannot take away everything you own to pay off your debts normally a bankruptcy order is a lot more public it will mean you having to go to court and sometimes it is even in certain sections in the newspapers.
I believe now that thanks to new laws in this country that an IVA is so much more flexible and for lots of people an easier and safer option as t offers such great flexibility.
But in saying that I do believe that it does depend on your circumstances and only you can decide what is best and most flexible to suit your individual needs.