You Have Debts-but Do You Really Need Insolvency Proceedings? The Review That Should Come First
When creditors call more frequently, warning letters accumulate and the bank account can no longer meet every commitment, it is easy to assume that insolvency proceedings are the inevitable next step. Insolvency is not an off-the-shelf product or an automatic answer to every debt problem. It is a significant legal framework that may be suitable in some situations, while a debt arrangement, payment plan, negotiation or focused treatment of particular liabilities may be more appropriate in others. Before deciding, the debt must stop being viewed as one frightening total and be broken down into a clear financial and legal picture.
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