Bankruptcy - things you should know

If you have literally no money to pay back to your lenders and are in a really difficult situation to keep up with your commitments then bankruptcy might be one of the options that you need to explore.

Bankruptcy should only be considered when all other debt solutions have been looked into, especially an Individual Voluntary Arrangement (IVA). An IVA was introduced by the Government in 1986 as alternative to Bankruptcy.

What is bankruptcy?

Bankruptcy is a form of insolvency. If you are made bankrupt:

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