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There will also be a Creditors Meeting scheduled and the proposal
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If you live in England or Wales and are unable to pay your debts, you may apply for an IVA, Scottish residents must apply for a Trust Deed. In general IVAs and Trust Deeds are awarded to Individuals that have over £15, 000 of debt and two or more creditors. If you are already subject to a Bankruptcy Order you may still apply. If the arrangement is approved, your Bankruptcy is annulled.