Personal insolvency comes with unique challenges as the assets of an individual are at stake and this often includes a family home as well as business assets. Our personal insolvency specialists understand the impact of financial distress on all those involved including the debtor, the family and the creditors.

Filing bankruptcy is the most widely recognise solutions for individuals in debt and may be a viable option to help you back to becoming debt free.

Bankruptcy is a formal insolvency procedure and occurs when a Trustee is appointed by the Court to sell your assets and distribute the proceeds of sale to your creditors. You can either choose to become bankrupt or it can be enorced against you if you cannot pay your debts as they come due. Filing bankruptcy can be a straightforward and clear way of resolving your personal financial affairs.

For most people bankruptcy lasts for one year but the consequences of it can stay on your credit history for longer. It is important that you understand the implications of becoming bankrupt and if there are any alternatives. But for many people it is the best option especially if you have ever growing personal debts that are spiralling out of control. We can help you overcome these hurdles.

If you have been made bankrupt after running a business your affairs may be more complicated and it would be worth seeking independent professional advice from a Licensed Insolvency Practitioner.