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Avoiding bankruptcy?

There are other ways of avoiding bankruptcy. It isn’t the only available escape route to get out of debt. Before you opt for what appears to be a quick fix to your debt problems, take professional advice. Turn to a solicitor, financial adviser or accountant, give them the whole picture and take advantage of their experience.

Initially you can try to reach an informal arrangement with your creditors, providing them with a realistic timetable of when you can repay them what you owe.

Consider all your options. If your unsecured borrowing is more than £15,000 there are alternatives to bankruptcy, the humiliation that comes with it and the stain it can leave on your future. An Individual Voluntary Arrangement or IVA is a formalised way of reaching an agreement with your creditors, emerging debt free, avoiding bankruptcy and the publicity it can bring with it.

If you are a homeowner, there is another way to avoid the high costs both personal and financial, of either Bankruptcy or and IVA.

If there is sufficient equity in you home you could re-mortgage to repay your debts and provide yourself with a clean start to the rest of your financial future.

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