(IVA) represents the main formal alternative to a debtors bankruptcy petition. The IVA is part of the Insolvency Act 1986 and essentially allows a debtor to reach a formal repayment arrangement with their creditors usually over a 5-year period. In most cases the debtor does not repay their debts in full to their creditors however the IVA proposal essentially allows for any remaining debt to be written off by the creditors at the end of the 5 year repayment period. As with bankruptcy petitions the number of IVA proposals has been increasing rapidly in the UK in recent years. References External links U.S. Federal Bankruptcy Courts Executive Office for United States Bankruptcy Trustees Cornell Bankruptcy Laws National Association of Consumer Bankruptcy Attorneys Website of the Insolvency Service in the UK Bankruptcy Statistics in Hong Kong Bankruptcy bg:Банкрут cs:Úpadek da:Konkurs de:Bankrott