Published in IVA Focus Features on Sunday, December 31 2006

Yes it is possible, but it is really not worth burying your head in the sand for this long. Usually an Insolvency Practitioner can secure an adjournment of the Bankruptcy Petition for several months in order to create enough time to propose an IVA. 

Bear in mind however that the creditor who was petitioning for your bankruptcy will have paid money to do this, and will add this your debt. This can still be included in your Individual Voluntary Arrangement. It can actually be possible to propose an IVA after a Bankruptcy Order has been made, however the Trustee’s fees would still need to be paid, and it would still be announced in the newspapers etc. At this point your Bankruptcy Order could be annulled. The reason your creditors would agree to do this is usually because they will get a return from you remortgaging your property.