{"id":3153,"date":"2014-01-17T16:45:15","date_gmt":"2014-01-17T16:45:15","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3153"},"modified":"2020-10-20T11:41:11","modified_gmt":"2020-10-20T10:41:11","slug":"dont-want-to-go-bankrupt","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/dont-want-to-go-bankrupt\/","title":{"rendered":"I don&#8217;t want to go bankrupt"},"content":{"rendered":"\n<p>If you\u2019ve found yourself simply unable to meet your outgoings and are\n facing bankruptcy, there may be more options than you think. You should\n seek the advice of a professional such as an Insolvency Practitioner to\n work out the best way to move forward.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>An Insolvency Practitioner will take into account such factors as \nyour income, outgoings (from the debts you\u2019re struggling with as well as\n your other outgoings such as general bills etc), and any assets that \nyou possess. From this they will discuss the situation with you and \nexplain what options you have.<\/p>\n\n\n\n<p>One option that may be helpful to you, and will ideally allow you not\n to go bankrupt, is an Individual Voluntary Arrangement. Under this, you\n and your creditors will agree that you will pay a certain amount back \nover a set period of time. The contract is a legally binding one and \nwill stop your creditors from taking actions against you for the debt, \nas long as you both agree and you keep to the terms of the agreement.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_170630913_XS.jpg\" alt=\"No Money\" class=\"wp-image-3158\" width=\"427\" height=\"281\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_170630913_XS.jpg 427w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_170630913_XS-300x197.jpg 300w\" sizes=\"auto, (max-width: 427px) 100vw, 427px\" \/><\/figure><\/div>\n\n\n\n<p>If you do manage to secure an IVA, it can help you to get on top of \nyour debts by making them more manageable and by keeping your creditors \nfrom exerting further pressure on you while the term of the agreement is\n playing out.<\/p>\n\n\n\n<p>As well as avoiding the various consequences of bankruptcy, an IVA is\n more flexible, allowing you, for example, to decide what should happen \nto your assets. Also, IVAs tend to cost less than the costs associated \nwith bankruptcy.<\/p>\n\n\n\n<p>When you\u2019re faced with debts that you feel are totally on top of you,\n it can seem like you have very few choices. However, if you get the \nright advice you can avoid the worst financial consequences and work \ntowards a better future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve found yourself simply unable to meet your outgoings and are facing bankruptcy, there may be more options than you think. You should seek the advice of a professional such as an Insolvency Practitioner to work out the best way to move forward.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-3153","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=3153"}],"version-history":[{"count":4,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3153\/revisions"}],"predecessor-version":[{"id":13545,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3153\/revisions\/13545"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}