Bankruptcy Alternatives

If you find yourself in serious debt and think that bankruptcy is the only possible route out, there are alternatives to bankruptcy.

Bankruptcy alternatives include:

Informal arrangement – this is arranged between you and your creditors where by you reach a compromise to pay off your debts within an agreed timeframe
Individual Voluntary Arrangement (IVA) – a formal arrangement of the above agreed by the courts. An authorised insolvency practitioner is required to supervise the arrangement and pay your creditors in line with the accepted proposals.
Administration orders - if your total debts are £5,000 or less and your creditors have at least one CCJ against you, the county court could make an administration order. This means paying regular instalments to the court that in turn pays your creditors. There is a fee for the administration order but that is added to your debts.

For free impartial advice on bankruptcy alternatives, fill in the Debt Management Advice form and a finance specialist will contact you shortly with a range of options.