It may be possible for an insolvent debtor to avoid bankruptcy by making a proposal or entering into an arrangement with creditors.

Name: It may be possible for an insolvent debtor to avoid bankruptcy by making a proposal or entering into an arrangement with creditors.
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An insolvent debtor can avoid bankruptcy by proposing a formal arrangement or proposal to creditors, which, if accepted, allows the debtor to settle debts under agreed terms without going through bankruptcy.

It May Be Possible for an Insolvent Debtor to Avoid