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Debt Advice Recovery Farleys Solicitors
Debt Advice Recovery Farleys Solicitors

Personal Insolvency & Bankruptcy Solicitors in Burnley

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

Dealing with the prospect of personal insolvency can be immensely stressful. There are all sorts of reasons why you might find yourself unable to pay your debts, some of which may be outside your control, and if your payments are in arrears or creditors are threatening court action, it can start to have drastic effects on your mood and wellbeing.

At Farleys Solicitors, we’re here to help. We have more than 60 years of experience behind us, enabling us to provide free initial, impartial and confidential personal insolvency advice. By drawing on decades of in-depth expertise, we’re able to provide help and advice at all stages of the insolvency process, from statutory demands up to bankruptcy petitions and court proceedings.

Our insolvency lawyers in Burnley also work with a trusted network of professionals who specialise in a variety of personal insolvency issues, so we can signpost you to any specific resources or support that you might find useful.

What is Bankruptcy?

At its core, bankruptcy is a legal procedure which can provide debt relief to people who have minimal hope of paying off their debts within a reasonable time, and whose situations are unlikely to significantly change. As the name suggests, personal bankruptcy is only available to individuals. Businesses which cannot pay their debts, on the other hand, are subject to corporate insolvency procedures instead.

Personal insolvency UK rules are different for various countries in the United Kingdom – the procedures in England and Wales, for example, notably differ from their counterparts in Scotland or Northern Ireland.

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

What does Personal Bankruptcy in Burnley involve?

Bankruptcy proceedings can be instigated in one of several ways. You might voluntarily choose to apply for bankruptcy yourself, which involves petitioning (formally asking) the court to grant permission. Alternatively, personal insolvency proceedings may be initiated against you by your creditors if you are unable to repay your debts to them.

Once bankruptcy proceedings begin, the court will place your assets under the care of an appointed Trustee, and empower them with extensive powers of investigation. It will then be the Trustee’s responsibility to liquidate your assets as necessary, and use the cash proceeds to pay off your creditors.

While bankruptcy can be a clear and straightforward way of resolving your financial situation, it’s not a decision to be taken lightly. You will be required to abide by strict rules, including full cooperation with your Trustee, and your name and details will be published on the Individual Insolvency Register.

For these reasons and more, the first step that our personal insolvency solicitors in Burnley 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 essentially serves as a written warning from a creditor, either delivered by them directly or delivered on their behalf. If you’re unable to pay your debt to them in full within 21 days of receipt of the letter – or alternatively, come to some other arrangement they find satisfactory – they may apply to the court to instigate bankruptcy proceedings against you.

Individual Voluntary Arrangements

An Individual Voluntary Arrangement is essentially an insolvency procedure which comprises 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 solicitor, who will act as the nominee until the arrangement comes into effect. From that point onwards, they will assume the role of supervisor.

If your IVA is approved, you’ll make scheduled payments to the insolvency practitioner, who will apportion the money between your creditors on your behalf.

If you’ve got any questions, our insolvency agents in Burnley are always happy to provide any help or insolvency advice you might need.

Debt Relief Order

A Debt Relief Order is a potential insolvency solution intended for people with debts under £15,000, and who possess assets that don’t exceed the value of £300 (which is based on gross rather than net value).

DROs are specifically there to provide an option for people who have little to no disposable income which they might use to be able to pay off donors – normally defined as no more than £50 of income per month, after all household expenses have been paid.

Debt Relief Orders are also not available to anyone with property interests, and if you plan on applying for one, any savings you own should be worth less than £1000. Any car you own should also be less than £1000, unless it’s been specifically designed to account for a disability or other long term health condition.

How can Farleys’ Insolvency Solicitors in Burnley help?

Farleys Solicitors LLP is a friendly, trusted, and straight-talking local firm with over 60 years of experience in serving clients in Burnley 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 Burnley Insolvency Solicitors today on 01282 798664 or contact us by email.

Contact a Personal Insolvency or Bankruptcy Solicitor in Burnley

For a free consultation with a Personal Insolvency or Bankruptcy Solicitor, please call Farleys Solicitors now on 01282 798664 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 in Burnley

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