If you are seeking for best bankruptcy advice and want to avoid going bankrupt, then debt relief companies or taking iva plans is the best solution for you.Bankruptcy is basically a legally declared impairment of ability of an individual or organization to pay the instalment or agreed amount to its creditors. To understand what is company administration we can follow an example of a person taking loan from bank or using credit cards of different banks where in return he gets struck and unable to pay the monthly instalments to creditors. In that case creditors can file a bankruptcy against that person. To handle such circumstances you either as a business owner or an individual need a good debt management plan or something useful for you to handle legal challenges.