Individuals

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Individuals

You are and Individual in personal financial difficulties

As an insolvent debtor you are probably, for the first time in your life, facing complex technical choices of which you have no specialist knowledge and prior experience.

Furthermore, because of the nature of insolvency, you will normally have preconceived ideas - which are often incorrect - about the actual consequences and alternatives to bankruptcy.

To make matters worse, you need to think very carefully and clearly as the legislation affecting insolvent (and potentially insolvent) individuals is vast and extremely complex. As a result, insolvency and business rescues is a very specialist area.

Decision Making Strategy

It is essential that you adopt a disciplined approach to deciding on what option is appropriate for you. The recommended approach is as follows :

	Establish if you are insolvent It is important to establish if you are insolvent as it affects : 1. The options available. 2. The required conduct.
	Establish what your objectives are If you are Insolvent - What Should your Objectives be? If you are insolvent, it is important to lay down specific objectives to ensure that the correct option is taken. Therefore, during the planning process, you need to ask - what should you (as an insolvent individual) be trying to achieve?
	Establish what options are available to you Having Established your Objectives - What are your Options? Having established your objectives, you need to examine what your options are, given the circumstances. To find out about these options - you need to look at the commercial and legal options available to you.
	Options Available to Individuals Trading On Bankruptcy Individual Voluntary Arrangement (IVA)
	Match the correct option to meet your objectives Now you Choose the Best Available Options to Maximise your Objectives

Remember......it is vital to take professional advice from a specialist in insolvency.

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