The decision to file for bankruptcy is a difficult choice, but the right one if your debts are out of control and you feel there is nothing else you can do.We know how stressful bankruptcy can be. We are here to help you through it.
Bankruptcy can occur for a variety of reasons, and happens to many people, from all walks of life. At Lupton Fawcett, our team of personal insolvency solicitors is on hand to provide clear information on what will happen if you declare bankruptcy and what the long-term implications are, as well as help you with the applications and processes.
Declaring bankruptcy is not something anyone enters into lightly. Stemming from personal insolvency issues, it can come as a shock and can add stress and strain to an individual, as well as their family and those around them.
Ultimately, however, the process of bankruptcy is one that aims to relieve tension and deal with problems of financial instability in a way that looks to the future. For this reason, it is often the right decision for many people.
If you are unable to pay debts of at least £5000, you can apply for bankruptcy. As well as applying yourself, your creditor can also start the process to have you declared bankrupt, even if it is not your decision.
The application can be made online, and will incur a fee. Following the application being accepted, a bankruptcy order is made, your accounts are usually frozen, and your case is reviewed by the Official Receiver. From there, the process will include analysis of your financial situation, possible sales of any assets and the publishing of your details in the bankruptcy registers.
What Are The Benefits of Bankruptcy?
There are definitely positive consequences to declaring bankruptcy. Aside from the sense of personal relief that comes from having put a full stop to spiralling financial problems, you can keep certain things, such as household items, and a reasonable amount of money needed to live on.
Payments toward the debts incurred may go on for up to three years, during which time, it will be difficult to obtain credit due to an impact on your credit rating. You may have to sell your home as an asset, alongside some personal items, such as cars. Your pension may also be impacted.
In most circumstances, however, bankruptcy ends in a year, with debts written off after that point. We are here to support and help you through all the stages of the process, and offer our specially tailored personal advice to make things as easy for you as possible.
We are experts at providing realistic advice on all aspects of bankruptcy, including the impact it will have on your life in both the short and long term.
We act regularly for both trustees in bankruptcy and individual clients faced with bankruptcy, so we have the experience to provide practical and tailored advice on all legal aspects of personal insolvency including:
- Options available to those facing insolvency
- The bankruptcy procedure
- The role of a bankruptcy trustee
- Cross-border insolvency
- Establishing a centre of main interests in England and Wales
- Realising assets within the estate - read more here
- Solving disputes over prior transactions - read more here
- Recovering money from third parties
- Applying for, or defending, bankruptcy restriction orders
- Applications to annul bankruptcy orders - read more here
- Challenging a trustee’s costs
Contact Us For Help
We provide advice on a wide range of legal issues to clients around Yorkshire from our offices in Leeds, York and Sheffield. For an initial discussion on the specific details of your case, contact our solicitors today using the details below.
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