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Whatever your debt problem there are a few options you can explore first before resorting to declaring bankruptcy.

Bankruptcy is naturally a last resort, and getting the right advice may well help you to avoid it. Insolvency Practitioners specialise in just this. They can take a good look at your finances and give you advice about the steps that are available to you.

Debt Management is a way of dealing with your debt problem and helping you become debt free. If you take all your debts and write them down, you can work out your total amount of debt owing as well as your total monthly payments. This will give you a definite idea of what kind of situation you are in financially.

If you have any assets and your debt is getting too hard to control you should think about selling them. Don’t panic! This wouldn’t mean you have to sell your large items of value, but you may make the situation a little less difficult by selling the smaller ones.

Next, it can pay to approach your creditors and see what options they can offer you. It’s in their interests that you don’t end up having to declare yourself bankrupt as they’re more likely to get the debt paid that way. If you contact them and let them know that you do want to pay the debt off but are having trouble, they may well have a procedure in place to offer you an alternative payment plan. However, make sure you check the terms of any plan they offer you thoroughly as usual.

An additional measure that an Insolvency Practitioner may offer you is an Individual Voluntary Arrangement, which is a formal proposal that you make to your creditors in terms of what you can pay them. In Scotland, there is an alternative to an IVA called a Protected Trust Deed, which performs much the same function and can help to avoid bankruptcy.

If you are so deep down to even think about getting out of debt and it is spiralling out of control, you should avoid robbing Peter to pay Paul and get advice as soon as possible. The only way out is to face your problem. There are tailored debt solutions to help you get out of your financial predicament.

Want to find out more about debt solutions, then visit IVA.net to find out how you can avoid bankruptcy.

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