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Debt Advice Recovery Farleys Solicitors
Debt Advice Recovery Farleys Solicitors

Personal Insolvency & Bankruptcy Solicitors in Blackburn

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

If you’re currently dealing with personal insolvency, you already know all too well how stressful it can be. There are a number of different reasons you might be struggling to pay your debts, and some of these factors may be out of your control. If your payments are in arrears, or creditors are threatening court action, it can quickly start to take a detrimental effect on your emotional and mental health.

At Farleys Solicitors, we’re here to help. We have more than 60 years of experience behind us, making us the perfect people to help with free, impartial and confidential personal insolvency advice. With a wealth of in-depth expertise at our disposal, we can provide help and advice at all stages of the insolvency procedure, ranging from statutory demands up to bankruptcy petitions and court proceedings.

Our insolvency solicitors in Blackburn can also co-ordinate with a trusted network of professionals who specialise in personal insolvency matters, enabling us to signpost you towards any specific resources or support that you may need.

What is Bankruptcy?

Bankruptcy is a court-based procedure intended to provide debt relief to anyone who has little to no hope of paying off their debts within a reasonable time, and living in financial circumstances that are unlikely to change. Personal bankruptcy proceedings are only open to individuals – businesses or other corporate entities which cannot pay off their debts are subject to corporate insolvency proceedings instead.

Personal insolvency UK rules differ between various British countries – the process in England and Wales is slightly different to its counterparts in Scotland or Northern Ireland.

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

What does Personal Bankruptcy in Blackburn involve?

You can choose to apply for bankruptcy yourself, or you may have personal insolvency proceedings brought against you by your creditors. If you voluntarily apply for bankruptcy, you will need to petition (formally ask) the court, who will decide whether or not to grant you permission to proceed.

The court will then appoint a Trustee, who will take responsibility for your assets. The Trustee will have been granted with extensive powers of investigation, which they’ll use to liquidate your assets (convert them into cash). The proceeds from the liquidation will 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 without consequences, so you must consider the decision very carefully. Your name and details will be published on the Individual Insolvency Register, and you will have to adhere to strict rules, including full co-operation with your Trustee.

For these reasons and more, the first step that our personal insolvency solicitors in Blackburn 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 essentially a letter of warning delivered by, or on behalf of, one of your creditors. The Statutory Demand will give you 21 days to pay your outstanding bill, starting from the date of receipt. If you are unable to do so, and also unable to come an arrangement that your creditor finds satisfactory, they may apply to the court to instigate bankruptcy proceedings against you.

Individual Voluntary Arrangements

In a nutshell, an Individual Voluntary Arrangement is a renegotiation by an individual of all the payments due to their creditors. Essentially, this involves proposing a payment plan to your creditors to pay off all or part of your debts. You can do this whether or not you have already been made bankrupt.

IVAs must be supervised by an insolvency lawyer, who will act as the nominee prior to the approval of the arrangement. Once the IVA has been approved, they will then step into the role of supervisor to oversee the execution of the agreement.

In the event that your own IVA is approved, under the terms of the agreement you’ll be required to make scheduled payments to the insolvency solicitor, who will then apportion the money out between your creditors.

If you’ve got any questions, don’t forget that our insolvency agents in Blackburn can provide any help or personal insolvency advice you might need around these areas.

Debt Relief Order

A Debt Relief Order is a viable insolvency option for anyone with debts under £15,000, and who possesses assets which do not exceed the value of £300 (based on gross value, not net value).

DROs are specifically intended for anyone with little to no disposable income that they could otherwise use to pay off creditors – typically no more than £50 of income per month, after all household expenses have been paid.

This type of solution is not available to anyone with property interests, and strict conditions apply. Any savings or assets owned should be worth less than £1000. The applicant’s car or other personalised transport should also be worth £1000 or less, unless it has been specifically designed to account for a disability.

How can Farleys’ Insolvency Solicitors in Blackburn help?

Farleys Solicitors LLP is a friendly, trusted, and straight-talking local firm with over 60 years of experience in serving clients in Blackburn 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 Blackburn Insolvency Solicitors today on 01254 367855 or contact us by email.

Contact a Personal Insolvency or Bankruptcy Solicitor in Blackburn

For a free consultation with a Personal Insolvency or Bankruptcy Solicitor, please call Farleys Solicitors now on 01254 367855 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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