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Debt Advice Recovery Farleys Solicitors
Debt Advice Recovery Farleys Solicitors

Personal Insolvency & Bankruptcy Solicitors in Accrington

Personal Insolvency & Bankruptcy Support & Advice From Farleys Solicitors in Accrington

We know that personal insolvency can be an incredibly stressful situation to deal with. Difficulties in paying your debts can arise for a number of different reasons, some of which may be out of your control, and if your payments are in arrears or creditors are threatening court action, it can start to take a serious toll on your wellbeing.

That’s where we can help here at Farleys Solicitors. With more than 60 years of experience behind us, we’re here to help with free initial, impartial and confidential personal insolvency advice. Our in-depth expertise enables us to provide help and advice at all stages of insolvency procedures, from statutory demands all the way through to bankruptcy petitions and court proceedings.

Our insolvency solicitors in Accrington also work with a trusted network of professionals in respect of personal insolvency matters, so we can also help signpost you to any specific resources or support that you may need.

What is Bankruptcy?

Bankruptcy is a legal procedure designed to provide debt relief to people who have little or no hope of paying off their debts within a reasonable time, and whose circumstances are unlikely to change. Personal bankruptcy proceedings are only available to individuals – the equivalent procedure for companies is corporate insolvency.

Personal insolvency UK rules vary between different countries in the United Kingdom, with the proceedings in England and Wales differing slightly from Scotland and Northern Ireland.

We advise individuals, businesses and insolvency professionals on the legal aspects of:

What does Personal Bankruptcy in Accrington involve?

You may choose to apply for bankruptcy yourself, in which case you’ll have to formally ask (petition) the court, who will decide whether to let you proceed. Alternatively, personal insolvency can be enforced against you by your creditors if you’re unable to pay your debts.

Either way, when bankruptcy proceedings begin, your assets will be placed under the care of a Trustee appointed by the court. This Trustee will be imbued with extensive powers of investigation, which they’ll use to liquidate your assets (in other words, turn them into cash). The cash proceeds will then be used to pay off your creditors.

Bankruptcy can be a very clear and straightforward way of resolving your financial situation, but it is not a decision to be taken lightly. Your name and details will be published on the Individual Insolvency Register, and you will have to abide by certain rules – including co-operating with your Trustee.

For these reasons and more, the first step that our personal insolvency solicitors in Accrington will take is to have a detailed discussion with you about your circumstances, and whether bankruptcy is the right choice for you.

What is a Statutory Demand?

A Statutory Demand is basically a written warning from a creditor. If you’re unable to pay your debt within 21 days of receipt of this letter, or alternatively come to some other arrangement they find satisfactory, your creditor may then apply to the court to instigate bankruptcy proceedings against you.

Individual Voluntary Arrangements

An Individual Voluntary Arrangement is essentially an insolvency procedure which involves putting forward a plan to your creditors to pay off all or part of your debts, whether or not you’re already bankrupt. IVAs must be supervised by a qualified insolvency practitioner. They will act as the nominee until the arrangement comes into effect, at which point the practitioner will normally take on the role of supervisor.

If your IVA is approved, you’ll then be required to make regular scheduled payments to the insolvency practitioner, who will be responsible for apportioning the money between your creditors.

If you still have any questions, rest assured that our insolvency agents in Accrington can provide any help you might need around these areas of personal insolvency.

Debt Relief Order

A Debt Relief Order is a potential insolvency solution geared towards people with debts under £15,000, and who possess assets which do not exceed the value of £300 (based on gross rather than net value).

DROs are designed to provide a viable option for those with little to no disposable income with which they can pay off creditors, normally defined as no more than £50 of income per month (once all household expenses have been paid).

Debt Relief Orders are not available to those with an interest in property, and any savings you own should be worth less than £1000. Any car you own should also be worth less than £1000 unless it’s been specially adapted to account for a disability.

How can Farleys’ Insolvency Solicitors in Accrington help?

Farleys Solicitors LLP is a friendly, trusted, and straight-talking local firm with over 60 years of experience in serving clients in Accrington and across the North West. Our insolvency solicitors draw upon a wealth of knowledge and industry-specific expertise to provide clear, straightforward advice, while answering all of your most pressing questions regarding personal insolvency.

We know that every situation is different, so we always begin by arranging an in-depth discussion with you about your circumstances, so that we can help you make certain that declaring bankruptcy is the right decision for you.

Feel free to get in touch with our Accrington Insolvency Solicitors today on 01254 367853 or contact us by email.

Contact a Personal Insolvency or Bankruptcy Solicitor in Accrington

For a free consultation with a Personal Insolvency or Bankruptcy Solicitor, please call Farleys Solicitors now on 01254 367853 or contact us by email.

"I would like to thank Mark for all his help as I could have not gone through this without his help and advise. Three months have gone by and there is a new chapter in our lives, I have started a new job and all our finances will improve along the way."

“Removing the anxiety and helping in all the aspects of my debts that are now fully resolved. I am now able to face my life without the constant fear of bankruptcy hanging over me”

“Having worked extensively with solicitors and Barristers in my professional career I was in no doubt that to pay a fee for high quality professional help was the most sensible course of action. The most favourable outcome of my recent Bankruptcy proceedings have confirmed this. I can’t begin to thank you enough for supporting and advising me at a most difficult time in my life. ”

Meet our Specialist Personal Insolvency & Bankruptcy Solicitors

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