Bankruptcy vs IVA (Individual Voluntary Arrangement): Hong Kong Comparison & Cost Guide
Quick Answer
Bankruptcy clears all debts; IVA restructures them over time. Choose IVA for lighter debt to avoid bankruptcy record.
Bankruptcy
Overwhelming debt with no ability to repay
✓ Pros
- Complete debt discharge
✗ Cons
- Impacts professional qualifications
IVA (Individual Voluntary Arrangement)
Stable income and wish to retain employment
✓ Pros
- Retain your job
✗ Cons
- Repayment period up to 5 years
FAQ
Does bankruptcy affect my job?
Yes, certain professions (e.g. finance) may be restricted.
How much does IVA cost?
Legal and professional fees range from HKD 20,000 to HKD 50,000.
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