IVA refers to Individual Voluntary Bankruptcy and it is a state, when an individual decided to pay a part of his debts. It can be an alternative to bankruptcy, while bankruptcy is a state of insolvency. The proceedings of bankruptcy are quite expensive, as compared to those of IVA for both debtors and creditors. In any such financial distress, you can come to Free IVA, which is an online arranger and can offer some constructive financial solutions. 

In bankruptcy, all your assets will be under the control of your creditors and with IVA, you can write off up to 75 % of your debts. Lastly, Bankruptcy can have adverse effect in future lending, which is not the case with IVA.