Litigation Solicitors Derby

litigation solicitors derby

Bankruptcy Help Derby

Do you need help with debt in Derby? Are you at a stage in your finances when you simply cannot afford to make payments to any of your creditors? If so you may be thinking of seeking a bankruptcy solution. Here at Help With Debt, we walk people through the bankruptcy process every day of the week in the Derby County Court. We have excellent experience in making sure that bankruptcy petitions are processed and accepted in the Derby County court having been a litigator here for nearly twenty years..

Bankruptcy is seen by some people as a very drastic measure and one which they don’t wish to take. They see that the fact that they become bankrupt will be advertised in a newspaper local to them. In truth that is a very small notice set out in the back of a city or regional daily. Ask yourself how often you have either looked for those notices or stumbled across them. Our clients do not themselves every see these adverts, so you have to wonder whether it is worth worrying about.

Bankruptcy does have its restrictions. You cannot for instance be bankrupt and also be a company director. For those individuals that we take through a bankruptcy, hardly any will experience any problems with this restriction. For some a bankruptcy will make it difficult to continue in a profession such as accountancy or as a solicitor. For these people we would not advocate bankruptcy but instead an IVA. However consider the benefit of getting your debt written off and knowing you can move on with your life again.

It is also the case that when you declare yourself bankrupt all of your assets vest with the Official Receiver. If you have a house which you own, your share will vest by operation of law with the OR. If you have negative equity, then the OR will probably sell it back to you for £1 plus his costs. We have had very many clients this year with negative equity who have got rid of all their debt, but retained their house as it has negative equity and they can pay their mortgage.

The real final problem with bankruptcy is that the OR may ask for a monthly payment to be made to him. This is known as an income payments agreement. We have had a case come through us where an individual was due to do an IVA. It was rejected as the creditors would not accept an offer of £500 per month. We took him through the bankruptcy process and were able to get the official receiver to accept payments of £75 a month for 36 months. This client saved nearly £27500 by doing a bankruptcy instead of an IVA.