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Bankruptcy "best option" for some households

19/08/2008

The Birmingham Mail has been exploring debt management options in its Birmingham Shopping News section.

In a case study, the newspaper concluded one couple from Redditch, Gary and Debbie (names changed) would benefit the most from declaring bankruptcy after running up credit card debts, water bill debts and rent arrears of over £30,000.

While many households can successfully clear their debts using a debt management plan or Individual Voluntary Agreement (IVA), the couple`s combined income of around £2,000 a month would not cover repayments using these options.

Therefore, taking advice from a debt charity, they decided to declare themselves bankrupt.

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