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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.

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Using Individual Voluntary Arrangement to Avoid Bankruptcy

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  1. Using Individual Voluntary Arrangement to Avoid Bankruptcy

  2. 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.

  3. 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.

  4. 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.

  5. Content Designed By insolvencyandlaw.co.uk

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