Bankruptcy is an extreme solution to solving your debt problems, and should only be an option when all other avenues are properly exhausted.
Bankruptcy is a very public process and the procedure converts all your possessions and disposable income into cash to help repay your outstanding creditor commitments.
An IVA is a less severe alternative to bankruptcy.
If you think that you are going to be made bankrupt or thinking about declaring yourself bankrupt, then you need to consider if an IVA would be a better option. IVAs were set up by the government as a less severe alternative to bankruptcy, and they are in place to help you.
If you find yourself in serious financial difficulties and need some specialist advice, please call our advisors on 0800 048 1768.