Bankruptcy – The alternatives to bankruptcy
Bankruptcy does not suit all personal circumstances. Individuals should consider an individual voluntary arrangement or administration as alternatives to bankruptcy. An individual voluntary arrangement is when you make an agreement with your creditors by proposing an arrangement by which to settle its debts which has been approved by the court. In an Individual voluntary arrangement, [...]
Bankruptcy does not suit all personal circumstances. Individuals should consider an individual voluntary arrangement or administration as alternatives to bankruptcy.
An individual voluntary arrangement is when you make an agreement with your creditors by proposing an arrangement by which to settle its debts which has been approved by the court. In an Individual voluntary arrangement, you have formally agreed terms with your creditors on how to settle your debts.
Once an Administration Order has been appointed by the court, your credit debts and certain other debts are all treated together. You then make a single monthly payment to the court, which is then divided among your creditors.
More information
- What is an individual voluntary arrangement?
- What is administration?
- Bankruptcy – What is bankruptcy?
- Bankruptcy – The bankruptcy process
- Bankruptcy – What is a certificate of summary administration?
- Bankruptcy – Voluntary and involuntary bankruptcy
- Bankruptcy – How to file for bankruptcy
- Bankruptcy – The advantages of bankruptcy
- Bankruptcy – The disadvantages of bankruptcy
- Bankruptcy – I am owed money by a bankrupt
- Bankruptcy – Insolvency and bankruptcy
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