Pre-insolvency advice Bankruptcy and Trustee Issues

Bankruptcy can be a daunting time for many, especially when Trustees are involved and assets are at risk. Bell & Company are experts in dealing with Trustees and in certain cases, we protect assets such as the family home.

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Bankruptcy and Trustee Issues

Bankruptcy Explained:

A Bankruptcy Order can be granted for one of three reasons below:

  1. You can’t pay what you owe and want to declare yourself Bankrupt,
  2. Your Creditors apply to Bankrupt you because you owe them £5,000 or more,
  3. 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

 
 
 
 

Tick iconYou can trust Bell & Company

1. We will devise the best strategy for you,
2. We will see every case through until the end,
3. We are experienced in negotiating with Creditors,
4. We have helped hundreds of clients,
5. All initial consultations are free.

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Free Consultation

From the outset, we establish clear bottom lines with our clients, so we understand what their priorities are and what must be protected. We then create a strategy to navigate the way out of corporate and personal debt with impartial advice and rigorous action.

Specialist, Impartial Advice

There are some very sharp minds at Bell & Company, so we’re extremely adept at finding unconventional strategies and solutions to resolve our clients’ debt dilemmas. This means that when you’re with us, you can be assured that we’re working for your best possible outcome.

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