For most of us these days, life is a struggle as far as keeping out of debt. We all have some debt of course, such as a mortgage, and maybe hire purchase payment for a car, but generally, we are aware of keeping a good balance in our debt amounts compared to our income. If we make an error in what we do, then we end up with a problem that might end up forcing us to go bankrupt.
Fortunately, there are other options, the leading one of which is making an individual voluntary arrangement (IVA) with your creditors, these are generally of 5 years in length, and have advantages for both parties. For yourself, there is the fact that an end is in sight. And for the creditors, there is the financial advantage of recovery of larger funds than would be possible if bankruptcy were allowed to occur.
Abacusfinance.co.uk have lots of great information about this subject, and about Debt Management in general.

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