Alternatives to Bankruptcy

At Turpin Barker Armstrong we consider bankruptcy to be a “last resort” to deal with an individual’s financial problems. We recommend taking early advice in order that a review of an individual's financial circumstances can be conducted and, where possible, explore whether it is possible to enter into a formal or informal alternative to bankruptcy. Some of these alternatives include:

If you wish to discuss an alternative to bankruptcy please call us and a member of our insolvency team will be happy to help you. 

Debt  Relief  Order
Available to individuals with little surplus income, who do not own their own home and have less than £20,000 of debt.
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Individual  Voluntary  Arrangement  (IVA)
A process whereby an individual’s creditors vote on whether to accept a debtor’s proposal to pay their debts either in part or in full.  A debtor’s proposal would normally provide for a better return than in the immediate bankruptcy of the individual and may provide for payments over time or payments from a third party.
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Informal  Arrangements
Dealing with creditors on an individual basis without entering into a formal insolvency process, thereby avoiding the ramifications of a poor credit rating in some circumstances.

We always offer the first meeting free with no obligations to commit 

                     

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