For some people, being made bankrupt can be the last thing they wish to do, either due to the implications it brings or because of the stigma and shame they might feel.
For people whose situation is unlikely to improve, bankruptcy is a very effective way of dealing with a worsening debt situation. Bankruptcy allows people to make a fresh start and to live their lives without reliance on credit.
If you have serious debt problems or are facing up to insolvency, you might think that bankruptcy is inevitable. However, there are many different debt solutions available and in many cases it is possible to avoid bankruptcy.
Bankruptcy alternatives
Legal procedures such as an individual voluntary arrangement (IVA) or a debt relief order (DRO) are alternative solutions to avoid bankruptcy. They are a different type of insolvency that may not have the same impact on you as bankruptcy.
There are also various other debt solutions that may be more suited to your situation than following an insolvency solution.
Free debt advice
Through CCCS Debt Remedy, you can get an immediate assessment of your situation. Depending on your needs, we can provide emergency help, self-help material, or arrange a counselling appointment.
We can conduct a full review of your debt situation and recommend the best course of action to take. You will receive a personalised information pack, by email, in the post or by direct download, with clear recommendations on how to solve your debt problem.
Our first priority, wherever possible, is to allow for essential expenditure, such as paying your priority household bills and and living expenses.
To find out if you can avoid bankruptcy, get free, confidential debt counselling through CCCS Debt Remedy.