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Tags: Hiding Money From IVA

Hiding money from IVA is something IVA attorneys deal with on a daily basis. Most people who would be considering filing an IVA do not have their money in an IVA. IVA (intravenous constructions of agreement) is when a person voluntarily enters into an arrangement with their creditors to pay back their debts over a period of time. In order to get into an IVA, the individual must have sufficient assets to satisfy the demands of the creditors. The reason for IVA is to ensure that the debtors get all of their money from the creditors, so the creditors will agree to accept a structured payment that will settle the debt for less than the full amount owed. IVA is a complex process. If you are considering an IVA you should know some of the pros and cons associated with this type of plan. There are many reasons why the creditors may refuse to accept a structured settlement. You may not have enough money available to pay your debts on a monthly basis or there may be too many assets owned by the debtor. Another reason for IVA is if the debtors have too many assets, they may struggle to find an acceptable agreement. There are several ways of hiding money from IVA. The first way is through the use of 'hiding' assets. The amount of money being hidden may only be a small percentage of the total balance. It may be possible for the creditor to recover some of the lost money though this will often take a long time. The second way of hiding money from an IVA is through the use of 'asset protection'. With this type of scheme, the debtors are given a legal claim to their own assets. These assets are protected from being sold, taken or shared with other creditors. However, the debtors are still required to make payments to the IVA company. This can mean that the clients money which they think is going towards paying off their IVA and actually being eaten up by the process. A creditor who tries to get their assets passed off as assets belonging to the client will usually have to fight a tough legal battle. The courts usually take the creditor's side as the client's own assets are usually protected under common law. Common law also means that creditors cannot ask their former clients to prove the value of their debt - it must be proved. The creditors can still try to recover the value of their debt but this will usually be very difficult. The third way of hiding money from an IVA is to pretend that the assets are worth nothing. IVAs must be paid back, they are legally required to. If the client cannot afford to pay back the IVA they can choose to hide their assets - usually by selling them. However, if this happens it is best for IVAs to stop as even then they could be ordered to repay the creditor.