The best way to handle insolvency is that you know that you are insolvent. In other words, many pople do not realize until their creditors send them a notice from the court. After you are declared insolvent the best way to handle it is to avoid further debt and struggle to start afresh and that can be done if you still have a job in hand.
As per Iona Minton:
The first thing you have to deal with is the way you choose to see this event. Yes, it feels absolutely terrible, but it is the beginning of the end of dealing with angry creditors and growing interest bills. You will be able to start afresh, although you will not be able to apply for credit for a five-year period. Which is not so bad, considering it was probably debt that put you in this position in the first place. If you do not apply for credit status rehabilitation, it will be afforded automatically after 10 years.
