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Personal insolvency

My debts are getting out of control, what are my options?
Financial troubles and mounting debts can and do affect people from all walks of life, bringing with them fear and distress.

There was a time when being insolvent – being unable to pay your debts or meet your liabilities – meant that the only solution that was open to you was to go bankrupt.

However, today there are other methods of dealing with your debts and getting back on your feet financially. At HW Fisher & Company, our dedicated insolvency team can help you make sense of the situation you find yourself in, and recommend the most appropriate solution to deal with your debts, handle your creditors and put plans in place to help you overcome your financial problems.

Individual Voluntary Arrangement (IVA)
This alternative to bankruptcy has less of a stigma attached and is a binding agreement that a person enters into with their creditors. Unlike bankruptcy, an individual can choose the Insolvency Practitioner who they work with, and can put forward an arrangement to repay their debts that is appropriate to their personal financial circumstances. However, the proposal they put forward has to meet certain criteria to be acceptable to their creditors.

Debt Relief Order (DRO)
DROs are available to people who owe less than £20,000 and have no significant assets, don’t own a property, and have little surplus income. DROs are often referred to as ‘bankruptcy lite’ and often used by those on low incomes to repay their debts.

An Informal Arrangement
Being informal, these debt repayment proposals require no formal agreement or court decision, and are often used to deal with temporary cash-flow problems. You will need to work out what you can afford to pay to your creditors and request that interest and charges are frozen. Under these arrangements you are expected to clear the debt in full.

I’m a sole trader, what are my options?
The options open to sole traders facing financial difficulties and debt problems are the same as those open to individuals, meaning that they too can consider bankruptcy, Individual Voluntary Arrangement (IVA), or alternatively a Debt Relief Order (DRO) or an Informal Arrangement.

How we can help
We offer an initial free advice session that allows you to discuss your financial situation with one of our personal insolvency experts. At this meeting, we will be able to establish how we can help you deal with matters as quickly and efficiently as possible, and make recommendations as to the right course of action for your personal circumstances.

Personal Insolvency

Key Contact

Key Contact

Brian Johnson

Partner

T +44 (0)20 7380 4989

E Brian Johnson

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