IVA



Advice / Information


 

What about my pension?

 
 

Your pension may be affected if you file for bankruptcy.

  • You will need to inform your Official Receiver about all of your pension arrangements.
  • State Pensions and pensions that have been approved for tax purposes by HM Revenue and Customs would not be included in the Bankruptcy.
  • Other kinds of pensions can be excluded but you would need to discuss this with your Official Receiver.
  • You should also discuss your arrangements with your pension provider.

Following a bankruptcy order it may not be beneficial to continue making payments into a personal pension scheme as you may not get the full benefit. You should discuss this with your pension provider.

 


     

Is Bankruptcy Right For You?

It could be that bankruptcy is the most suitable debt solution for you.

You may hear that bankruptcy should be considered a last resort, and that you should try an IVA (Individual Voluntary Arrangement), IPP (Informal Payment Plan) or DMP (Debt Management Plan) first, but this isn't always suitable. What's right for you depends entirely on your circumstances as these are all solutions to the same problem, but tackled differently.

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Bankruptcy Assistance Service

You may find that you would benefit from professional help in completing your Statement of Affairs and Bankruptcy Petition.

From the time that you decide to apply for a bankruptcy order, to the day that you are declared bankrupt, you may seek assistance in order to keep your creditors and bailiffs at bay. In addition, performing your own research into bankruptcy often results in receiving conflicting information, depending on the source(s).

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How to File for Bankruptcy

After you've sought financial advice, you can either file the required paperwork yourself, or use the help of a Solicitor, Insolvency Practitioner or Bankruptcy assistance service to take care of everything.

Professional guidance can ensure that all Court paperwork is completed, creditors are kept at bay, legal action is averted...

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Effects of Bankruptcy

You will be instantly free from debt and no longer held responsible for any previous debts.

It will be a new start for the whole family so that you build a new life without worryand stress a normal life which you can enjoy. None of your creditors can come knocking on your door execept those who are secured after bankruptcy.

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