Personal Insolvency Services

If you have personal debts which are no longer manageable we can advise you on your options. These could range from do nothing, a debt management plan, informal arrangement, time to pay agreement with HMRC, Individual Voluntary Arrangement (“”IVA””), debt relief order, petition for your own bankruptcy.

If you are already subject to a bankruptcy petition or bankruptcy order, we can advise you on your options including the proposal of an IVA, stay of proceedings and advert, annulment on the grounds the order should never have been made due to defective service or alternatively due to payment in full (possibly via an IVA).

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Individual Voluntary Arrangement (IVA)

An IVA is a legally binding agreement between a person owing money and his or her creditors to arrive at full and final settlement of their liabilities. These are flexible agreements which may feature bullet payments, third party payments, asset realisations and income contributions.

Individual Voluntary Arrangement (IVA) Services

Bankruptcy

We can assist you to petition for your own bankruptcy and provide assistance through the process in such areas as purchase of beneficial interest in family home, various asset exemptions, presentation of income and expenditure for an income payments order and other sundry matters.

Bankruptcy Services

Annulment of Bankruptcy

Application for Annulment is possible either on the grounds of “ought not to have been made”, i.e if there is any dispute regarding the bankruptcy process, payment in full of all known debts, costs and expenses, or via an IVA.

Annulment of Bankruptcy Services

Insolvency Practitioner Advice

We can advise any party on their position in bankruptcy proceedings, sometimes we act as Trustee, advise the debtor, advise any affected lender or other party.

Insolvency Practitioner Services

Chamberlain & Co recognise individuals can find themselves liable for a broad spectrum of trade, finance and tax debts for a variety of reasons. Sometimes this can result from a business failure and the ensuing crystalisation of personal guarantees, sudden loss of income due to illness, redundancy etc. We are able to assist individuals with financial problems through a variety of informal and formal processes.

There are, in theory, a number of options available to deal with your individual financial problems and debt; however, because no two individuals’ circumstances are exactly the same, not all of these potential solutions may be appropriate. Our approach is to spend time with you to establish all the relevant facts, so that we can suggest the best solution to deal with your particular individual financial problems.

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Personal Finance and Insolvency FAQs

How do I save my house?

When individuals get into financial trouble often one of their main concerns is what is going to happen to the family home. We can provide tailored advice, depending upon the most appropriate option to deal with the individual situation, which incorporates protection of the family home. For example, bankruptcy may be the most appropriate option. We can assist in providing advice that secures the family home from the uncertainty of the bankruptcy process. This can be done by advising how family or friends can buy the debtors beneficial interest in the property prior to the debtor petitioning for their own bankruptcy, with the monies being held on account pending the appointment of the Official Receiver or Trustee.

Bankruptcy may not be the most appropriate option and with appropriate advice from Chamberlain & Co, you will be able to put forward a formal IVA proposal to your creditors as a means to account for the value of your interest in your property, potentially by means of a third party contribution or income contributions or possibly by means of remortgaging your property.

If you are already subject to a bankruptcy order, Chamberlain & Co can assist in discussions with the trustee of the bankruptcy estate with a view to agreeing the value of your interest in the property which if accounted for will safeguard the property for your family.

Can I avoid or get out of bankruptcy if a creditor has already issued a bankruptcy petition or I am already subject to a bankruptcy order?

Yes, it is possible even after the issuing of a bankruptcy petition to apply to the court for adjournment of the hearing of the petition while viable proposals to secure monies to pay the petition debt are brought to fruition. It is also possible either at this stage or even after a bankruptcy order has been made to put forward a proposal for an IVA as an alternative to the bankruptcy proceedings.

How much must I owe before I may become subject to a bankruptcy petition?
It is necessary for the indebtedness of an individual to one creditor to be at least £5,000 including any costs awarded by the court in order for this liability to be a basis for a valid bankruptcy petition.

 

How does bankruptcy affect jointly owned assets?

If an individual owns a property or other assets jointly with another, their bankruptcy estate is only entitled to that individual’s share of the sale proceeds.

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We are happy to offer you an initial free consultation that can be done remotely on a telephone or video call. 

Give us a call on 0113 242 0808 or e-mail advice@chamberlain-co.co.uk.

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