Using individual voluntary arrangement to avoid bankruptcy
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Transcript of Using individual voluntary arrangement to avoid bankruptcy
The individual can take advantage of Individual Voluntary Arrangement by entering into an agreement with creditors to
repay the outstanding debts over a period of time. The individual has to hire an insolvency practitioner who will assess his financial situation, decide the amount he can afford to pay
each month, and decide the repayment schedule.
Once the process is initiated, the individual will make payment to the insolvency practitioner on a regular basis. The
insolvency practitioner will divide amount among creditors.
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