IVA Questions & Answers
Q : What is bankruptcy?
A :
In simple terms it is :
When someone is insolvent.
If you can't afford to pay your debts on an ongoing monthly basis.
If you have no propsects of paying your debts.
An application to the court will be made to be declared bankrupt.
This usually means you will be forced to give up possessions of value such as house, car or other assets.
If made bankrupt, it will be added to you credit file. This will remain on your file for 6 years.
You will in some cases have to declare this to your employer.
See bankruptcy information.
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