Two Benefits of an iva
Two very serious benefits of obtaining an iva (individual voluntary arrangements) are lower fees and tax write offs. With Bankruptcy you are charged a number of court fees, processing fees and attorney fees on top of having to forsake many of your belongings and anything with liens on it. Also, the amount in your new agreement you can write off. These debt agreements don’t affect your credit in the same serious manner a bankruptcy would. All options, including this one, should be researched and exhausted prior to considering bankruptcy. Once you make that decision to file, you will have to wait years before having a sound credit history again.