Personal Services
Bankruptcy
Clear your debt
"I contacted The Insolvency Company after searching for local advisors. It was sheer luck and after an initial brief chat with Gareth I'm so glad I did!
I spoke to a couple of 'large' organisations but these guys really do value you as an individual not just a number.
Gareth went out of his way to ensure I selected the most suitable option and managed to alleviate any concerns by offering reassurance.
If you value professionalism, great personal customer care and knowledgeable staff then you needn't look any further. I can't rate these guys highly enough.
Thanks to Gareth and his team I am now debt and worry free!
"
– Director of a limited company
Did you know?
If you owe a creditor £5,000 or more, they could obtain a bankruptcy order against you if you fail to pay them when they demand payment.
You could also apply to Court to have a bankruptcy order made if you wish to declare yourself bankrupt. If you do require assistance in making yourself bankrupt, we can help. We will ensure that bankruptcy is the correct route for you and we will point you in the right direction.
Consequences for professionals
There are some professionals who will have consequences to face if they are made bankrupt. If you are one of the following and are considering bankruptcy, please take advice immediately:-
• Solicitors and Barristers
• Accountants
• Company Directors
• Police Offices
• Judges
• MP’s
Benefits of bankruptcy
- Your unsecured debts will be written off, giving you a fresh start
- Your creditors can’t take any further legal action against you to recover your debts
- They must also stop demanding payment, charging interest and adding other charges
- You won’t receive any further contact from your creditors
We can help you decide, call now for your free options analysis
We can help you decide, call now for your free options analysis
Risks of bankruptcy
- Assets such as your home or vehicle may be included in your bankruptcy
- Some jobs are affected, such as legal or financial roles
- Bankruptcy will have a negative impact on your credit file and appear on it for six years
- Your bankruptcy will be recorded on a public register
How does Bankruptcy work?
When a bankruptcy order is made, the Official Receiver (or Trustee) will be appointed and will contact you in order to obtain information about your finances. This will include your assets and liabilities and your income and expenditure. They will normally ask you to attend a meeting and take any paperwork you have with you to help them to establish your financial position.
Once you are bankrupt, your assets will be sold, but you may be allowed to keep the following:-
- Ordinary household contents
- A modest motor vehicle – do not expect to keep your Rolls Royce if you have one!
- Tools of the Trade – things necessary for your trade or profession
- Your pension (there are exceptions for large pension funds)
"Gareth gave me clear precise…
Gareth gave me clear precise information that was extremely helpful when there are so many options out there. On a short phone call he covered the benefits of certain processes allowing me to make a confident decision on how i should proceed.
– Happy Client
If you have a house, the Trustee will have three years to deal with this and will prefer to work with you on this. Solutions may be for a sale of the property, a sale of the bankrupt’s share of the equity to a joint owner, or if there is very little or no equity, it may be appropriate to do nothing. It is unlikely that a Trustee will force the sale of your residential property in the first 12 months if there are people living in it.
If you have surplus income, your Trustee would expect you to pay this to him for the benefit of the bankruptcy estate. You may be ordered by the Court to do this if you do not co-operate. This will be for three years.
If you have any windfalls, such as inheritance, bonuses from work or a lottery win, you would also be expected to make this available for your creditors.
The Trustee has a duty to look into your financial affairs to determine whether there has been any actions you have taken which would be to the detriment of creditors – such as gifting a property to a loved one.
A bankruptcy will normally last for one year.
