Bankruptcy and Debt Advice
We are expert Debt and Bankruptcy solicitors. We assist clients on defending bankruptcy petitions and annulling (cancelling) bankruptcy orders. We also defend claims brought by trustees in bankruptcy, particularly against the family home.
Free Initial Discussion
For an initial free, no obligation, discussion to see as to whether we are best placed to help by either calling us on 0207 889 0100 or emailing us at email@example.com and we’ll promptly call you back and assess the situation.
We can help you with:
- Informal Settlements
- Debt Management Plans
- Debt Relief Orders
- Individual Voluntary Arrangements (IVAs)
- IVA Mis-selling
- Advantages & Disadvantages of Bankruptcy
We can write to your creditors to reach an agreement by either writing off amounts or reducing your debts.
Debt Management Plans
This is like the above, although your creditors are paid monthly instalments.
Debt Relief Order
This is a low-cost alternative to bankruptcy and you must meet the following criteria:
- you owe less than £20,000.
- you do not own any assets worth more than £1,000 (including your car).
- you have less than £50 each month to live on (after paying household bills).
- you are not a homeowner.
- you have not had another DRO in the last six years.
- you are not currently subject to bankruptcy proceedings or IVA proceedings.
Individual Voluntary Arrangements (IVAs)
We can advise you on whether an IVA is best for you.
· 75% of your creditors in value must agree to the IVA proposal.
· An IVA usually lasts for 5 years.
· You will be required to make full disclosure of your finances.
· Your name will appear on an IVA Register which is a disadvantage as this will affect your credit rating.
You may have a claim against your IVA company if they mis-sold an IVA to you without properly explaining your various options.
Bankruptcy normally lasts for one year and wipes out most of your debts. We can advise you on those debts which are not caught by your bankruptcy.
Advantages of bankruptcy:
- Most of your debts will be wiped off.
- You can make a clean start, although this will affect your credit rating.
Disadvantages of bankruptcy:
- You may lose your home if you are a homeowner.
- You may have to pay the trustee’s costs.
- You may have to be examined on your finances by a trustee who can examine you at Court.
- This will seriously affect your credit rating.
- This may affect your employment.
- You cannot act as a company director.
- This will affect you operating a bank account.
- You cannot bring most legal claims if you are bankrupt as you require permission.
- The Official Receiver or Trustee in Bankruptcy may make a claim for your income by applying for an Income Payments Order (IPO).
Funding and Solicitor's Costs
We are able to talk you through the best options for you which include:
- Fixed Costs Consultations
- Fixed Fees
- Staged Engagements (where scope of engagement is defined)
- No-Win No-Fee Conditional Fee Agreements (CFA)
- Funding Options - Litigation Finance and Funding
- Adverse Costs Insurance - ATE Funding
- Debt Based Agreements (DBA) - contingency style arrangements
How to make contact
We can assist wherever you are based and we also have offices in London.
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