Duncan Lewis

Shepherds Bush Office

provide over 3000 matter starts in

Immigrating , Family and Housing


Date: (10 January 2013)    |    

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If you are an individual or company burdened by debts and unable to pay you may need the advice on how best to resolve your problems.
A court has to issue a bankruptcy order against you to declare you a bankrupt and it may pass an order in two cases:
• You may seek legal recourse by applying to the court when unable to pay your debts or
• The people who you owe money to – the creditors can apply to make you bankrupt if you owe them more than £750
After you are made bankrupt the debts you owe can be recovered by alienating your assets, where you will have to follow certain rules called the bankruptcy register called the Individual Insolvency Register’ and after twelve months you are discharged of your bankruptcy.
Bankruptcy Lawyer / solicitor
Though Bankruptcy lawyers make much of the tough economy their clients with very scant knowledge of the process and little time to research are at a loss when they need to get the help of an expert.
In a situation where creditors are breathing down your neck and pressure mounting many people select a bankruptcy lawyer based on price, an advertisement or worst of all no criteria at all but choosing the right person would make the difference between an eventual rebound and long term pain.
Specialist solicitors
Choose a specialist in the field of debts who can provide you with advice on managing your debts and can help with solutions such as Individual Voluntary Arrangements (IVA’s).
Before taking any steps take the advice on bankruptcy and insolvency and seek the best option for you. If you have assets as good as nothing then applying for bankruptcy should be a serious option irrespective of the stigma attached with going bankrupt. Other option would be IVA for those who does have assets such as property and would like to retain them.
With the debt management industry largely unregulated there are instances when people opt for expensive repayment schemes rather than going for example, bankruptcy.
It’s not necessary that IVA may be the best option for you. A debt repayment plan agreed upon by your creditors could be a better option.
You still have rights under which you can still retain assets which you would wish to keep, but you need to take expert advice as these things are best left for specialists who can handle you the best possible solution.