Here in the UK, IVA (individual voluntary arrangement) is a formal alternative to avoid bankruptcy. The people who choose this 'last-call' option are usually at there last straw, and can't hang on for anything in the world, but morally and seriously want to find a way to avoid bankruptcy. And as no government wants to see a person go to bankruptcy, the government will help out in this scenario as it's a government put-together alternative in the first place.
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