Personal Insolvency RCM's specialist personal insolvency services provide simple advice and solutions to individuals experiencing personal debt problems. Bankruptcy: Bankruptcy is one way of dealing with debts, which you are unable to pay. Bankruptcy proceedings free you from overwhelming debts, subject to some restrictions; and make sure your assets are shared out fairly among your creditors. Anyone can go bankrupt, including individual members of a partnership. Individual Voluntary Arrangement: An Individual Voluntary Arrangement (“IVA”) is an alternative to personal bankruptcy, which is a legally binding agreement between the individual and his/her creditors, which involves adhering to a repayment schedule (usually) over 5 years. An IVA allows the individual to avoid bankruptcy provided the debtor meets creditors’ requirements (pursuant to the IVA) through regular repayments and a final recovery of a percentage of the total sum owed.