- Wednesday, 25 March 2009IVA advice could help the growing number of Midlanders who are entering insolvency.
Figures from law firm Higgs & Sons show a 110 per cent increase in personal bankruptcies year-on-year, reports the Birmingham Post.
But solicitor Philip Barnsley warns that people who are facing financial difficulty should not bury their heads in the sand.
"While consumers will fight to keep their jobs and their family homes, for those who lose both and have substantial debts there is often little reason not to declare themselves bankrupt," he tells the publication.
However,
IVA help could be preferable for those who do not want to lose their property, as the arrangements can retain such assets in some instances.
IVA advice can also help to prevent a credit history from being interpreted in a negative way to the extent that may be the case with alternative solutions such as bankruptcy.
Borrowers who do not believe they can cover their debts may also be interested to hear that IVAs can write off up to 70 per cent of the total amount owed.
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