Author Box
Articles Categories
All Categories
Articles Resources

Information on Bankruptcy, and How to Avoid Filing It

July 03, 2012 | Comments: 0 | Views: 156

Bankruptcy is the state of people when their financial condition is insolvent and they are not left with any money. They have to bear with the outstanding debt issues, pay huge amounts of interest on the loan amounts, pay for their own needs and they do not have enough money in their pocket for all of this. An accountant in bankruptcy can help them out with the information on the topic so that they are in a better position to judge what is best for them.

To avoid the filing of a bankruptcy petition is what you can do best at this stage, if you are one of such people. Filing bankruptcy may not solve any problem and may lead you to bigger issues like the credit history rating going bad and the assets being taken from you by the bank as well.

Bankruptcy options

If you want to avoid all this, you should consult the accountant or the people who can help you in this regard like a lawyer or a financial consultant so that, you are out of your debt issues in no time. Looking for the different alternatives will guide you towards a better decision over the taking care of the debt issues.

The alternatives that you can look for are as follows:

1) IVA 2) Trust deeds 3) Debt management plans 4) Debt negotiation plans 5) Debt consolidation 6) DRO- the debt relief orders etc

If you want to know about some of the above-mentioned alternatives, read the following:


IVA or the individual voluntary arrangement is a kind of a document that can help you legally take action on your financial health. An IVA is a kind of an agreement with your creditors that you will only be paying the actual amount of loan and the interest rate over the loan that you can afford. The analyzers will be able to look over your condition and then they will tell the creditors what is true. Because this is a legal filing, the creditors cannot take any action over the debtor and that is the main thing. This IVA will last for a year or so, and by the time the year is over you will be able to get out of the debt issues.

Debt management plans

Different debt management companies on the other hand, provide debt management plans. These companies are many in the market and you have to make sure that you have followed the right company by hiring the most reliable of all. The company that you hire will analyze your situation and will talk to the creditors on your behalf. This plan lasts for as long as you are in the middle of debt issues.

If you want to find out more information on the above mentioned options, you can log on to the blogs and the different forums made by different users who have been facing such problems and have made such sites for the ease of others who face such problems. You can also ask them questions on their F.A.Q sites so that you may know which option will be the best for you.

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 such topics you can log on to This website has reliable information on how one can cope up with major financial issues, and how to acquire information related to filing bankruptcy.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Debt Issues


Debt Management




Debt Relief Order


Debt Management Plans


Bankruptcy Advice

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 303

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 288

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 300

If you have a bad credit score, it is certainly not good but you can rectify the situation. If you want to remove bad credit from your records, you should take a few steps.

By: Raman Kuppuswamyl Finance > Debt Reliefl July 11, 2012 lViews: 198

Becoming debt free in as little as one year is perfectly possible. Of course, this usually depends on exactly how large the total amount owed is, but in most cases, careful budgeting and

By: Frank S Walterl Finance > Debt Reliefl July 09, 2012 lViews: 155

Debt relief is the concept of forgiving someone for the payment of debts. A debt relief order is a kind of a document for the debtor to get a stand against the creditors, so he gets time for the

By: Hammad Akhtarl Finance > Debt Reliefl July 06, 2012 lViews: 170

Debt counseling was introduced in 2007 under the National Credit Act of South Africa in order to help consumers who are struggling financially. People who are over-indebted could apply for debt

By: Colin W Brazendalel Finance > Debt Reliefl July 06, 2012 lViews: 237

If you are deep in debt and need help to get out of your financial crisis, you can consider applying for debt review. But before you do, you need to understand that your dire necessity of funds is

By: Colin W Brazendalel Finance > Debt Reliefl July 06, 2012 lViews: 158

Regardless of how deep you currently are in debt, becoming debt free for life is just a matter of changing some old habits. All it takes is discipline and proper planning, even after years of

By: Frank S Walterl Finance > Debt Reliefl July 05, 2012 lViews: 188

Are you not able to manage the debts that are outstanding, and are creating issues for your credit history? Are you living with the threats of your creditors, and now you know that may be, you do not

By: Najeen Zahoorl Finance > Debt Managementl July 03, 2012 lViews: 169

Bankruptcy has to be avoided at all costs. This is not because it takes time to be filed and helps one to get out of debt issues, but it is costly and is troublesome. Bankruptcy cannot help you if

By: Najeen Zahoorl Finance > Bankruptcyl June 07, 2012 lViews: 164

IVA or the individual voluntary arrangement is a legal arrangement between two parties i.e. the debtor and the creditor. It is quite a new and modern alternative to the concept of bankruptcy.

By: Najeen Zahoorl Finance > Bankruptcyl June 07, 2012 lViews: 169

Discuss this Article

comments powered by Disqus