Understanding personal insolvency
Personal insolvency arises when you are unable to pay your debts as they fall due. This can result from a range of circumstances, including loss of income, business failure, or unexpected financial commitments.
Bankruptcy is one formal solution, but it is not the only option. Depending on your circumstances, alternatives may be available, such as negotiating repayment arrangements or entering into an Individual Voluntary Arrangement (IVA).
Each option carries legal and financial consequences, including potential impact on assets, property and credit rating. Early advice can help you make informed decisions and avoid unnecessary risk.
Our role is to provide clear guidance on the implications of each route and support you through the process.
How we can help
Advising on available option
We review your financial situation and explain the solutions available to you.
Bankruptcy advice
We guide you through the bankruptcy process and explain your obligations.
Individual Voluntary Arrangements
We advise on IVAs and liaise with insolvency practitioners where appropriate.
Responding to creditor action
We assist if you have received statutory demands or bankruptcy petitions.
Protecting your assets
We advise on the potential impact on property and other assets.
Ongoing legal support
We provide representation and advice throughout insolvency proceedings.
