Alternatives To Bankruptcy

Bankruptcy Helpline
0800 564 2211

What Are The Alternatives To Bankruptcy?

Before you take any action to apply for your own bankruptcy, you should seek expert advice about bankruptcy and the alternatives to going bankrupt that are available to you.

The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt.

Alternatives to going bankrupt

Alternatives to bankruptcy:

Individual Voluntary Arrangement or IVA

This is a formal and legally binding arrangement between a Debtor and their Creditors. To propose such an arrangement you will need the services of a licensed Insolvency Practitioner or IP. Proposals to creditors can be based on a lump sum offer or regular monthly payments. If 75% (in value of debt) of those creditors who vote agree, then the arrangement is legally binding on all concerned. Regular payment IVAs normally last for between three and five years.

Check now to see if you qualify for an IVA

Debt Management Plans

There are several agencies that will act on your behalf to negotiate reduced payments with your creditors.

Check now to see if you qualify for a Debt Management Plan

Trust Deed

A trust deed is a legally binding arrangement to deal with your debts in Scotland where you make reduced payments over 4 years. At the end of this time, your unsecured debts are usually written off.

Check now to see if you qualify for a Trust Deed

Debt Relief Order or DRO

A debt relief order (DRO) is a way for you to have your debts written off if you owe less than £20,000 and have very few assets.

Check now to see if you qualify for a Debt Relief Order or DRO

Informal Arrangements

You may be able to come to an “informal” arrangement with your creditors to repay what you owe. It can be difficult to get everyone to agree to such an arrangement.

Administration Order

If you owe less than £5,000 in total to two or more different creditors and have at least one County Court judgment against you then this Court monitored arrangement could be a good option. You will need to obtain Form N92 from your local County Court Office.

Not Sure What Debt Help You Qualify For?

Our panel of specialists can quickly advise you on what to do if you are considering going bankrupt. Simply call the team FREE on 0800 564 2211.
Alternatively take the online bankruptcy test and check if you qualify.

  • Last updated 15 January 2016

More Bankruptcy Advice:

no credit on prepayment meter

What to do if your prepayment meter has run out of credit

  • by Admin
  • June 23, 2015
Read

This guide explains what you should do if your pre-payment meter for gas or electricity runs out of credit....


dealing with debt collectors

How To Deal With Debt Collectors

  • by Brian Jackson
  • March 03, 2016

Read

Have you received a letter or call from a debt collection agency. In this guide we'll expain how to deal with debt collectors...


attachment of earnings

A Guide To An Attachment of Earnings Order

  • by Emma
  • June 23, 2015
Read

Have you received a letter threatening an attachment of earnings. In this guide we explore what an attachment of earnings order is, how they work and how to defend...

Contact the Bankruptcy Advice Online Team:

debt helpline 08005642211

0800 564 2211

(freephone, including all mobiles)
bankruptcy advice

Request A Callback

No time to talk, we'll call you back.
bankruptcy questions

Have A Question?
Ask an expert now.

Check now online whether bankruptcy really is your best option?


PERSONAL GUARANTEE: Your details will be kept confidential. We will NEVER pass your details on to third parties unless you ask us to. We NEVER cold call or cold text.

More info on hoax calls

Latest testimonial

Fantastic,they are life savers.

I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.

Darren

You can also get free impartial debt advice by following this link to the Money Advice Service.

BankruptcyAdvice-Online.co.uk © 2015-2016 All right reserved. Made with in Manchester

BankruptcyAdvice-Online.co.uk does not charge you any fees for using our service, all of our network partners will also provide you with a free initial consultation free of charge, to ensure you get the advice you need when you need it.

We will pass your details on to one of our network of our approved Insolvency Practitioners or Debt Advice Charities who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

The debt solution offered to you by our network will depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

BankruptcyAdvice-Online.co.uk is owned by Money Advice Online Ltd company no. 09554412 (Registered in England and Wales). ICO registration no. ZA116663