How to avoid going bankrupt
No matter what state you or your business’s finances are in, you may well find that there are a few options you can explore before resorting to declaring bankruptcy.
Bankruptcy is not your only option to sorting out your debts. There are several debt solutions that can be much better for your circumstances whilst still letting you deal with your debt. An Insolvency Practitioner is skilled in providing the best debt advice for your situation.
A debt management plan is the first point of action for anyone with serious debt problems. First you need to list all of your debts, working out what their total cost is going to be to you, as well as the cost each month. This acts as the basis for moving forward, handling the debts and hopefully getting on with your life.
If the debt is overwhelming your finances, you may want to consider selling any assets you may have. This is not necessarily confined to large items worth substantial amounts of money. Depending on the scale of your debts you may be able to take the pressure off by selling smaller items.
The next thing to do is approach your creditors to negotiate a deal of lower payment. You might think this daunting but your creditor would prefer anything, rather than going bankrupt and having nothing to give. Simply by letting them know that you do intend to pay the debt off somehow but are in a bit of trouble presently, can take off a lot of pressure. Some creditors have set payment plans for people struggling to pay their debts. If they do offer you an alternative payment arrangement, be sure to check all the terms and conditions.
An Individual Voluntary Arrangement or IVA may be a debt solution an Insolvency Practitioner will discuss with you. This is a formal debt solution passed by the government in 1986, as a means to people struggling with their debt; offering them a chance of freedom without any severe consequences; otherwise known as an alternative to Bankruptcy. Your creditors are offered only what you can realistically afford to pay. The Scottish version of the IVA is known as a Trust Deed.
If you are really struggling to pay your debt, you should look into getting help as soon as possible. Some people just keep using more debt to get by in their daily lives, which in the long run, is only making the problem worse, causing a vicious cycle that is so difficult to get out of. There is debt advice available, even you you simply just want to investigate your options.
Facing up to your debt problem can be very difficult. At IVA.net we understand what you are going through. We want to help you to avoid going bankrupt. Find out what other options are available to you.
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