Insolvency & Bankruptcy

Insolvency & Bankruptcy

Insolvency & Bankruptcy Solicitors

If you are facing serious financial difficulties, filing for bankruptcy can end up being the most sensible option to take as a last resort. This will always be a big decision to make, and the process may seem daunting without access to expert personal bankruptcy advice. 

At Clough & Willis, our team of bankruptcy advice solicitors are here to help you in dealing with bankruptcy and all of the related legal processes. We can provide the legal guidance you need to successfully manage and reduce your debts, ensuring you are able to get your finances back under control. 

Our offices are based in Bolton and Bury, and we have years of experience in helping individuals and businesses handle their debts responsibly and effectively by offering pragmatic support at what will surely be a difficult time. 

To discuss if bankruptcy is the right choice for you in a free, no-obligation chat, call our bankruptcy advice solicitors on 0800 083 0815, or fill out our online enquiry form and we will get back to you at a more convenient time.

How we can help

At Clough & Willis, our lawyers have expertise in all aspects of dealing with bankruptcy, and can provide you with bankruptcy legal advice that is tailored to the specifics of your situation. Our aim is to ensure the process goes as smoothly as possible, and that you are able to achieve your desired outcome. 

We can offer advice on the following: 

  • Helping you decide if filing for bankruptcy is the right option, or if it is possible to renegotiate with creditors or restructure your debt
  • Instructing you on how to apply for bankruptcy, with guidance on the legal processes and filing debtors’ petitions
  • Arranging for a bankruptcy to be annulled if necessary 

Going through bankruptcy is a serious matter, which could have a number of implications for your personal and professional future. To make sure the process is handled as effectively as possible, you should contact a solicitor as soon as possible.

How can I declare myself bankrupt?

Bankruptcy gives an individual the chance to settle their debts by using their assets, such as possessions, property and income, to make payments and contributions to their creditors. 

In order to apply for bankruptcy, you will need to make an application online, with accompanying fees to be paid. These are lower than was previously the case when applications had to be made in court, and can be paid in instalments. 

Once your application has been accepted, an Insolvency Service adjudicator may make a bankruptcy order, and the case will be transferred to the office of the Official Receiver, a government body. You must then provide the Official Receiver with information relating to your financial affairs, including a list of assets, outstanding debts and details of all creditors. 

The official receiver’s job is to make sure that any assets are held or realised for the benefit of the creditors, including property, bank accounts, insurance policies, and any other savings or items of value. 

At this stage, an insolvency practitioner will be appointed to act as the bankruptcy trustee, who will take control of any assets and ultimately make payments to creditors where appropriate. 

If you are bankrupt, you will not be permitted to obtain credit of £500 or more from any person without first disclosing the fact that you are bankrupt.

How long does bankruptcy last?

After a bankruptcy order has been made, you may be discharged and freed from obligations under the order in 12 months or less. 

If you are discharged, you will be released from most of the debts owed at the date of the bankruptcy order. However, there are exceptions, including debts that have arisen from fraud, fines or certain crimes.

Do you need a solicitor to declare bankruptcy?

While it is possible to handle a bankruptcy process on your own, it is advisable to seek professional guidance from a qualified solicitor in order to make sure the process is handled correctly. 

Declaring bankruptcy can have a major impact on your life, with knock-on consequences for your credit rating and professional prospects, and could even result in you losing your home. 

By getting in touch with a legal adviser as soon as possible, you can help to ensure that the process is managed in a way that achieves the best outcome for you.

Need help right away?
Contact Clough & Willis

Find out more about how we can help you with any aspect of the bankruptcy or insolvency process by getting in touch with Clough & Willis today. Our offices in Bury and Bolton are easily accessible for customers in the north west. 

Give us a call on 0800 083 0815, or fill in our online enquiry form and a member of the team will be in touch.

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