Debt Management by IVA prevents Bankruptcy

In our lives, we make decisions to purchase big ticket items like the house, a car, finance a business or even an education. External factors like losing a job or a sudden need to pay for a large hospital fee may corner us to bankruptcy. That is usually because we have run out of sources like savings, or face rejections for new loans so that we could have some financial assistance to help tide over the debts that we have to pay.

My friend had a bad experience many years ago. He had bought a new house, a new car and was also running a business. When business was bad, he faltered on his loan. Before he knew it, he owned the bank about 6 months adding to over more than 10k. He had to sell his car and also rented is home out. But it was not enough to pay the loans because it had gotten bigger and bigger with each month. He was made Bankrupt by end of the year and regretted stretching himself too thin with his financial management.

It is important for us to learn the art of debt management. What do you do if you think that you are on the brink of Bankruptcy? If you think that you have really exhaust of all ways to apply for a loan assistance and think that there are no other ways to go from there. Before you can even think of Bankruptcy issues, try to take a different route by clearing your debt with an IVA.

What is IVA. IVA means Individual Voluntary Arrangement.
IVA is an arrangement of contract that you are binded to legally which comprise of all the people and organisations to which you own money to. By negotiations, an agreement is drawn out between you and the people you owe money to, under the help of a licensed insolvency practitioner.

If you would like more information about this, you can look into this website about the prospects of Debt Management with ClearDebt by going the IVA way.