Bankruptcy and Trustee Issues
A Bankruptcy Order can be granted for one of three reasons below:
- You can’t pay what you owe and want to declare yourself Bankrupt,
- Your Creditors apply to Bankrupt you because you owe them £5,000 or more,
- An Insolvency Practitioner seeks your Bankruptcy because you have broken the terms of an Individual Voluntary Arrangement (IVA).
Bankruptcy can be used to eradicate debts that you cannot pay.
Any assets that you own may be realised under Bankruptcy, by your Trustee to pay your Creditors.
After one year, you are discharged, debt-free. However, a Trustee has three years to realise assets you may hold, including your family home.
Bankruptcy in the past carried a stigma, but this has reduced over time, especially following the 2008 global financial crisis.
If a Trustee is appointed to realise assets, these are negotiable with third party representation.
At Bell & Company, we have found that early third-party appointment on the client’s behalf allows for the ability to build a case and rapport with the Trustee. This further allows for strategic negotiations to take place, positioning the client and their assets in the correct way.
The Family Home:
For many, the family home is the most treasured asset.
In cases where there is Equity in the home, we can offer appropriate strategies to offer the best chance on retaining the family home.
No matter where you are in such a case, there is always hope, and Bell & Company can offer you the best pragmatic advice.
In all cases, we at Bell & Company carry out thorough due diligence. This, in turn, enables us to:
- Give you the best independent Insolvency advice possible,
- Develop the strategy required, and
- Most importantly, implement the strategy.
As we commented earlier, it is essential to get the right advice and in our opinion, it is vital to attack the problem. That is what Bell & Company do.
So, if you face any debt issues, including Bankruptcy, or if any friends or associates do, call us now on: 0330 159 5820 and speak to one of our specialists.
Alternatively check out the Gov.uk website for a guide to Bankruptcy: https://www.gov.uk/government/publications/guide-to-bankruptcy/guide-to-bankruptcy