Using Individual Voluntary

Arrangement to Avoid Bankruptcy

The Insolvency statistics for Q1 2015 indicates a sharp decline in

the number of personal and corporate insolvencies. But an

individual has several options to avoid formal insolvency

proceeding. As a formal debt solution Individual Voluntary

Arrangement helps individuals to avoid immediate bankruptcy.

The individual can take advantage of Individual Voluntary Arrangement by

entering into an agreement with creditors to repay the outstanding debts over a period of time. The

individual has to hire an insolvency practitioner who will assess his

financial situation, decide the amount he can afford to pay each month, and

decide the repayment schedule.

Once the process is initiated, the individual will make payment to

the insolvency practitioner on a

regular basis. The insolvency practitioner

will divide amount among creditors.

Content Designed Byinsolvencyandlaw.co.uk