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Alternatives to Bankruptcy

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At Turpin Barker Armstrong we consider bankruptcy to be a “last resort” to deal with an individual’s financial problems. We recommend taking early advice in order that a review of an individual's financial circumstances can be conducted and, where possible, explore whether it is possible to enter into a formal or informal alternative to bankruptcy. Some of these alternatives include:

  • Debt Relief Order – available to individuals with little surplus income, who do not own their own home and have less than £20,000 of debt.
  • Individual Voluntary Arrangement – a process whereby an individual’s creditors vote on whether to accept a debtor’s proposal to pay their debts either in part or in full.  A debtor’s proposal would normally provide for a better return than in the immediate bankruptcy of the individual and may provide for payments over time or payments from a third party.
  • Informal Arrangements – dealing with creditors on an individual basis without entering into a formal insolvency process, thereby avoiding the ramifications of a poor credit rating in some circumstances.

Please click on the above alternatives to find more information regarding the processes involved.

If you wish to discuss an alternative to bankruptcy please call us on 0208 661 7878 where a member of our insolvency team will be happy to help you. 

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