The Insolvency Service have released figures showing that, in the first quarter of 2009, one person every 4.35 minutes was declared insolvent. This is an increase of 19% compared to the same period as last year.
It could be possible to avoid bankruptcy with debt management. This means that you could avoid lengthy insolvency procedures as well as some of the long term effects of bankruptcy.
How to Avoid Bankruptcy with Debt Management
It could be possible for you to repay your debt with a debt management plan and avoid bankruptcy. Bankruptcy should always been seen a last resort.
Bankruptcy should only be considered after all other debt solutions have been explored, as you might find that a debt solution, such as an IVA, ensures you avoid bankruptcy. With Debt Management, there are less long term implications and you should not have to worry about losing your home.
You may wish to avoid bankruptcy with debt management as you could afford your debts if your monthly payments were reduced. A Debt Management Plan allows you to consolidate your multiple unsecured creditor payments into one. This will be affordable as the amount that you pay is based on your personal circumstances.
For more advice about how you could avoid bankruptcy with debt management, or if you want to learn more about one of our debt solutions, speak to a member of our debt advice team by filling in the Quick Enquiry Form to the top right hand side of this page.