When personal debts mount we can help understand the situation and advise on possible situations. Where someone has assets available or is able to make some level of repayment to all creditors an Individual Voluntary Arrangement might be the best option, particularly if bankruptcy will place a restriction on the ability to trade or retain employment.
An IVA enables a creditor to make a proposal to creditors which, if accepted, allows a set amount to be repaid usually in exchange for some level of forgiveness from the creditors who know they will accept a better return than if they were to push for bankruptcy at this time. It may even be available to, and the appropriate step for, people who have already been made bankrupt.
Our experience and knowledge allows us to tailor our advice to the specific case. We can assist both debtors and creditors in this process to ensure that any proposals are realistically achievable for the debtor and will result in the best return available to creditors.