Considerpersonal insolvency

Adam has six kids, and he lost his job during the COVID-19 lockdown. During that time, Adam used his credit card, and his store cards to survive as the benefits he received did not cover his family's living expenses. Adam managed to accumulate $37,000 in debt. More recently, Adam has secured a job working for a company that will pay him well - however, his creditors have begun harassing him - threatening Adam with legal proceedings. Adam knows if, given the time, he will be able to pay the debt.

Make a recommendation to Adam from the personal insolvency options

Make sure to provide the advantages and disadvantages of the option you recommend