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What are the advantages of bankruptcy proceedings for a debtor, compared to combining files against him at the Bailiff's?

Declaration of a person as bankrupt protects him against creditors and prevents them from being able to get all or part of the debt. In contrast, an order for paying a debt/debts in installments, as part of combining files against a debtor at the bailiff's, does provide certain protection from creditors but does not relieve the debtor  of the obligation to pay the debt. He still has to pay it back - but just a little at a time, over a long period . Furthermore, the debtor is not protected from changes in the order that may be made if his situation improves , or if new facts ,unknown at the time, are discovered concerning his financial situation.