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Believer it or not, many people who are deep in debts feel that bankruptcy is the only solution, but actually it’s not. Come to think of it, when one declares bankruptcy, undesirable consequences will go with it such as a negative image. So before declaring bankruptcy, consider various alternatives like IVA Debt Consolidation. IVA, which stands for Individual Voluntary Arrangement, allows borrowers to make an agreement with their creditors by submitting a proposal stating the reasons for said financial problems, how much can be paid monthly, and other pertinent details. Once accepted, monthly payments can be paid, on which after the agreed term, all debts will be written off. Sounds ideal, right? So, better check IVA debt consolidation first before resorting to bankruptcy!