Avoid Bankruptcy With IVA
You will be able to avoid a bankruptcy if you do an IVA, or a Individual Voluntary Arrangement. Bankruptcy leaves a bad taste in creditor’s mouths when they see that you have filed for one, so it is much better to do all that you can to avoid the problem, instead of making it worse than it already is.
My buddy Dan had to do the Individual Voluntary Arrangement with all of his creditors. Just when he thought that they were looking down on him for it, one of them told him that they really appreciated someone who was still willing to take responsibility for their bills.