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Debt Advice Recovery Farleys Solicitors

Personal Insolvency & Bankruptcy Solicitors in Manchester

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

We know that personal insolvency can be an incredibly stressful situation to deal with. There are all sorts of reasons why you might find yourself unable to pay your debts, and sometimes this can be due to factors well outside your control. If your payments are in arrears or creditors are threatening court action, your mental health and wellbeing can eventually start to suffer.

At Farleys Solicitors, we’re here to help. With 60 years of experience behind us, we provide free initial, impartial and confidential personal insolvency advice. By drawing upon our decades of specialist expertise, we can assist you with information and guidance on all stages of personal insolvency matters, from statutory demands all the way through to bankruptcy petitions and court proceedings.

Our insolvency solicitors in Manchester also work with a trusted network of professionals who specialise in personal insolvency issues, so we can also help signpost you to any specific resources or support that you might need.

What is Bankruptcy?

Bankruptcy is a court based procedure to provide debt relief for people who have little or no hope of paying off their debts, living with financial circumstances that are unlikely to undergo significant change. Personal bankruptcy procedures are only applicable to individuals. The equivalent procedure for companies is corporate insolvency.

The specifics of personal insolvency UK rules vary between different countries in the United Kingdom. The procedure in England and Wales bears notable differences 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 Manchester involve?

Bankruptcy procedures can be instigated in one of several ways. You may choose to apply for bankruptcy yourself by petitioning (formally asking) the court, who will grant you permission to proceed. Alternatively, your creditors may bring insolvency proceedings against you if you are unable to pay your debts.

Either way, when bankruptcy proceedings begin, your assets will be entrusted to a formally appointed Trustee. The Trustee will wield extensive powers of investigation, which they’ll use to liquidate your assets (convert them into cash). The proceeds from these liquidations 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 still carries significant long-term consequences, so it must not be a decision taken lightly. Throughout the bankruptcy process you will have to abide by specific rules – including full cooperation with your Trustee – and your name will be published on the Individual Insolvency Register.

For these reasons and more, the first step that our personal insolvency solicitors in Manchester 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 formal written warning from a creditor, or one delivered on their behalf. If you’re unable to pay your debt within 21 days of receipt of this letter, or come to an arrangement that your creditor finds satisfactory, your creditor may take steps to initiate bankruptcy proceedings against you.

Individual Voluntary Arrangements

In England and Wales, whether or not you have already been declared bankrupt, you can choose to propose a payment plan to your creditors to pay off all or part of your debts. This is known in personal insolvency law as an IVA, or an Individual Voluntary Agreement.

IVAs must be supervised by a qualified insolvency solicitor, who will serve as the nominee until the arrangement comes into effect. At that point, the insolvency solicitor will then transition to the role of active supervisor.

In the event that your IVA is approved, under the terms of the agreement you’ll be required to schedule regular payments to the insolvency agent, who will apportion the money to your various creditors on your behalf.

Debt Relief Order

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

DROs are only available to anyone with little to no disposable income that they could use to pay creditors – typically no more than £50 of income per month, once all household expenses have been paid.

DROs are not available to anyone with property interests, and conditions do apply. For example, any savings or assets owned should be less than £1000, and the applicant’s car or other form of personalised transport should be worth no more than £1000. There are exceptions – such as if the car has been specifically designed to accommodate a disability or long term health issue.

How can Farleys’ Insolvency Solicitors in Manchester help?

Farleys Solicitors LLP is a friendly, trusted, and straight-talking local firm with over 60 years of experience in serving clients in Manchester 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 Manchester Insolvency Solicitors today on 0161 660 4254 or contact us by email.

Contact a Personal Insolvency or Bankruptcy Solicitor in Manchester

For a free consultation with a Personal Insolvency or Bankruptcy Solicitor, please call Farleys Solicitors now on 0161 660 4254 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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