Question Details

COURSE OF ACION TO AVOID DEBT IN FINANCIAL CRISES
ETMA 03/01
During a worsening economic situation, such as in 2009, many individuals are facing severe financial hardship, culminating in some cases in people being unable to pay personal debts such as their monthly mortgage repayments or their credit card bills. There are different approaches that can be adopted in this situation. These include: 
(a) making yourself bankrupt; 
(10 marks) 
(b) setting up a debt management plan; 
(10 marks) 
(c) taking an individual voluntary arrangement (IVA). 
(10 marks) 
You are required to research these three possible courses of action, setting out both their financial and their legal implications from the perspective of the individuals concerned and of the businesses to which they owe money. 
(Total 30 marks) 



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