Information on Bankruptcy and Its Alternatives

June 29, 2012 by  Filed under: Bankruptcy 

Do you have a problem while you have to pay your outstanding debts? Is it necessary that you should have paid the loans in time to avoid the issues right now that you are facing? Are you looking for information on how to file for bankruptcy? I am asking all such questions from you to make you sure that you have come to the right place for information on bankruptcy.

Many forums and websites are regarded as the best online in this area, for all those who want to find out information on the topic and the alternatives to bankruptcy like IVA, debt management, debt relief order, debt negotiation services etc.

Debt Management

Debt management is the concept that covers many fields like the debt management plans, debt consolidation, debt negotiation etc. You certainly do not have to go file the bankruptcy petition directly until you have known that it is the best option for you. Debt management companies help you to avoid the overly expensive bankruptcy petition and let you afford the easiest solutions in the form of the debt management techniques.


The individual voluntary arrangement is a legally binding agreement that helps the debtors to pay the amount of outstanding debts to their creditors without any interest rate and any extra charges easily. IVA requires you to have lived in UK, and have outstanding debts of over 15000 pounds. It can be available through the help of an IP (the insolvency practitioner) in your area.

Debt relief order

The debt relief order is yet another alternative that you can avail. It is cheaper than bankruptcy, precisely being 90 pounds in cost, in comparison to the 700 pounds that you have to pay for bankruptcy. You can pay 90 pounds in installments for the DRO and avail it if you have less than 15000 pounds of outstanding debts. If you have any vehicle, you should know that is worth less than 1000 pounds. You should not have a disposable income every month of more than 50 pounds, with no asset worth more 300 pounds. If all the conditions are fulfilled, you can then go for the option of a DRO. After the DRO is over, your outstanding debts are written off and the creditors cannot bug you.


If you are looking for more information, you can run an online search and then log on to the blogs, forums and the discussion boards so that you are able to get all the information you need on any alternative for bankruptcy. If however, you think that they will not work for you, then you can avail the option of bankruptcy. You can ask the attorneys and the bankruptcy advisors like the accountants in bankruptcy, to make sure that you know about how to file for the concept and avoid any ambiguities. However, it should be the last option to think of while you rid yourself off from the debt issues you face.

Najeen Zahoor is an expert writer in the field of finance and debt related issues. She has written many posts on the information on how to solve debt issues effectively. For more information on bankruptcy, you can log on to the website: This website has reliable information on how one can cope up with major financial issues, and how to acquire information related to filing bankruptcy.

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