Alternative to Bankruptcy
Experiencing difficulties with your finances? Considering bankruptcy as the only possible solution to solve your problems? There is an alternative to bankruptcy.Bankruptcy should only be considered as a last resort. Although bankruptcy is seen as a positive way to release you from your debts, it comes with restrictions that have long term effects, and you may find it difficult to obtain future credit. An alternative to bankruptcy is an Individual Voluntary Agreement (IVA), a legally binding agreement between you and your creditors. An IVA is less invasive than declaring yourself bankrupt and is intended to help reduce your debt by arranging affordable monthly repayments with your creditors. Interest charges can be reduced or stopped during the period agreed between you and your creditors. This period is usually 5 years, after this your debt will be settled.
