The individual can take advantage of Individual Voluntary Arrangement by entering into an agreement with creditors to

repay the outstanding debts over a period of time. The individual has to hire an insolvency practitioner who will assess his financial situation, decide the amount he can afford to pay

each month, and decide the repayment schedule.

Once the process is initiated, the individual will make payment to the insolvency practitioner on a regular basis. The

insolvency practitioner will divide amount among creditors.

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