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What are the alternatives to bankruptcy? Recent media coverage may have left you holding the belief that bankruptcy is now an "easy option". Certainly recent changes to laws relating to bankruptcy, notably the Enterprise Act of 2002, have made it easier for individuals to declare themselves bankrupt. And whereas before you remained in a state of bankruptcy for up to three years, you are now most likely to be discharged in just 12 months. But even so, bankruptcy is not an easy option and even if you are discharged after a year that doesn't mean an end to the story. Bankruptcy is just one option facing you if you are in a serious amount of debt and it makes sense for you to consider other options, preferably with the help of professional advice. Here are your alternatives: Enter into an informal arrangement with your creditors Enter into an Individual Voluntary Arrangement Administration order |
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