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Bankruptcies and IVAs set to increase dramatically

The number of bankruptcies and individual voluntary arrangements (IVAs) is set to increase massively over the next 24 months as the UK economy continues to move further downward. While the government is doing as much as possible to reduce the chances of bankruptcy and serious financial difficulty for many businesses and individuals across the country, there is only so much they can do. Pressure on the workforce, pressure on incomes and the ongoing property market crisis have all come together in a doomsday type scenario for many.

However, it is vital that those who are experiencing, or expect to experience, financial difficulties ensured they know their rights and take professional advice at the earliest opportunity. There is more chance of rectifying the situation in the early stages of financial difficulties rather than leave it until there is no option but to consider bankruptcy or an IVA. Too many people across the country are prepared to bury their head in the sand and hope it all goes away when in reality this is certainly not the case.

Many people had hoped their properties would bail them out of any financial difficulties but with prices falling month by month and buyers not appearing, this escape route has been cut off for many.

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