and creditors. As of 6 April 2009, bankruptcy is no longer advertised in the local newspaper, only in the London Gazette. IVA is not advertised. Both debtors in an IVA and bankruptcy are listed publicly on the Personal Insolvency Register - anyone can view the Insolvency Register but it is mainly used by credit reference agencies who use it to update credit records (an IVA will affect your credit record but this is the same as with other debt solutions), and creditors who will use the Insolvency Register to help them make a decision on whether they should lend money to potential customers. It is unlikely neighbours will check the Register, which can be a worry people assume when they find out they are going to be listed on a public register. Length An income-based IVA can often last up to five years, although it can be any length. Homeowners may find their income based IVA term can be extended by 12 months in lieu of equity, if they own equity in a property which cannot be released into the IVA for the benefit of their creditors. A bankrupt is normally automatically discharged after one year or less if the bankrupt is eligible for an early discharge. An income payments agreement or order in bankruptcy (if one is applied, depending on the individual's disposable income) will not last for more than three years and payments are generally much lower than under an income based IVA. Obtaining credit Unlike bankruptcy, an IVA does not statutorily restrict a debtor from obtaining credit, although the proposal may do so. In bankruptcy however one legally can obtain credit of up to £500 without disclosing one's status as a bankrupt. After a bankrupt is discharged there is nothing in law to stop the discharged bankrupt gaining credit. Ability to trade Bankruptcy will usually dissolve a partnership and prevent a debtor from acting as a director of a company. A self-employed trader will have to disclose the fact that he or she is bankrupt when obtaining credit, for example when dealing with suppliers. There are no such implications with an IVA, although lenders often ask. Credit rating Although arguably an IVA is seen as more positive than bankruptcy in the eyes of creditors, as it shows a certain commitment to repaying debt, in reality an IVA is likely to have an equally detrimental effect on a