She should of paid £12k a month on an IVA, but defaulted, so the insolvency people put her into bankruptcy, if she had paid a set amount for a year, she probably would of been discharged in 2020, but now she will be under scrutiny in February in a public examination and will probably have to pay back for a longer period. She won’t be discharged until they are satisfied with what she has paid back. But in KP’s world she doesn’t owe anyone a penny. If she defaults, she will be in serious trouble. The insolvency practitioner has been building a water tight case and doing everything by the book.I think it depends on how much is owed and to whom. But yes generally people opt for bankruptcy as a way of writing off major debts. An IVA as Skanky has is a way of avoiding bankruptcy by slowly paying back your creditors in manageable amounts, but as she keeps defaulting, I suspect she’ll have to file full bankruptcy eventually. It’s absolutely not something us normal folk should ever entertain unless absolutely desperate though. That’s you basically financially finished!!
She has also been given THREE opportunities to do a deal for her bankruptcy.