Unfortunately the recent economic situation has left quite a number of people on the brink of bankruptcy. While in most cases this situation could have been avoided with smarter money management in an earlier state, once debt starts accumulation it becomes increasingly difficult to get out of the situation. But unlike what is commonly assumed, bankruptcy is not always inevitable even in the most extreme situations. An interesting solution is explained at the Clear Debt website involving using what is known as an IVA. Unlike bankruptcy, and IVA doesn’t involve the public exposure and damage to ones reputation. You can find more information about IVA’s online.