Debt & Bankruptcy

Advice and Help with Debt & Bankruptcy

Being in debt can be a frightening situation let alone the prospect of bankruptcy. If you are in serious debt, your first step should be to seek help immediately before things get worse. You may feel as though bankruptcy is the only debt solution available to you, but this is not always the case. Bankruptcy is a legal status that generally lasts for one year and often has to be considered as a way of clearing debts you cannot pay. But bankruptcy can be a difficult process to go through alone so at Proctor Moore we will go through your financial situation and provide the expert advice, service and support you need in your particular circumstances.

Creditors Petition

It is important to note that if one of your creditors is owed at least £750 or more by you, and that debt is unsecured, he can present a creditors petition to start the bankruptcy process against you. Once proceedings are started, a bankruptcy order can still be made even if you do not agree. If a creditor has filed a petition against you, it may still be possible to avoid bankruptcy if you act quickly.

Bankruptcy Procedure

Declaring bankruptcy requires full disclosure of your financial situation. You will need to complete a number of documents which will have to be presented to the court for review. These include a bankruptcy petition and statement of affairs. It is important that you seek professional guidance and declare your financial status correctly, or your petition may not be successful.

You can make the process less stressful. As part of our bankruptcy service, one our experienced solicitors can prepare and file sworn financial statements, on your behalf, for a fixed-fee cost. Our legal expertise in this area will give you the peace of mind that the process will be handled correctly and a bankruptcy order can be issued by the courts. Remember that bankruptcy is legally binding and the laws relating to bankruptcy are complex so it is strongly advisable that you get professional advice before taking this path.

Debt Recovery

Proctor Moore can also help you manage debtors and reduce bad debts. As much of this work is standardised, it can be carried out cost-effectively on a fixed-fee basis depending on the situation. Whether you are owed money from unpaid invoices, need defending from this yourself, have outstanding credit card bills or require consolidation of debts we can help you control the situation. Talking with one of our debt recovery solicitors can help identify further steps available to you to produce quick results before court action becomes necessary.

Bankruptcy Action - All steps up to and including statement of affairs
Fixed Fee £750.00 excluding VAT