What is a Personal Insolvency Agreement

Bankruptcy is the only option when facing financial difficulty. To help you in turning things around, a personal insolvency agreement is another option. One of the perfect and the best ways of managing your debts is by speaking and negotiating with your creditor for forming a personal insolvency agreement.

Eager to know about - "What is Personal Insolvency Agreement", read the article till the end.

Insolvency Basics
Let's start with a very basic, 'what is insolvency', and that is very imperative to understand as we dwell deeper into the article. For any individual or company, Insolvency is a period of financial distress. It defines the inability of paying back debts when they fall due. In comparison to the money made by the individual, it always owes more. There are two ways in which a person can be insolvent.