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Personal Bankruptcy

Are you being threatened with a Bankruptcy Petition?

A Bankruptcy Petition is an application for a Bankruptcy Order to be made against you an individual which a creditor can present to the Court on the grounds that an individual is unable to pay their debts. Bankruptcy is a serious issue and one that Barings Solicitors can help resolve with professional advice and a resolute approach to responding to creditors.

The Court will regard an individual as being unable to pay their debts if either of the following occurs:

  • A creditor who is owed more than £5000 serves a statutory demand for the debt due and it is not paid or secured (for example, by way of a charging order or a guarantee to provide something else of the same value); or
  • A settlement is not agreed, within 21 days, and the debtor has not applied for the statutory demand to be set aside.

A Bankruptcy Petition will normally be personally served on an individual and will be endorsed with details confirming the date, time and address of the Court where the Court will decide whether to make a Bankruptcy Order.

Normally, the hearing of a Bankruptcy Petition, will not take place until at least 14 days have passed from the date that the Statutory Demand was served.

In addition, a Bankruptcy Petition can also be presented by either the individual themselves if they wish to make themselves Bankrupt or, if an individual has already entered into an Individual Voluntary Arrangement, by the supervisor of their Individual Voluntary Arrangement.

How can we help you?

We can assist you defending Bankruptcy Petitions.

We can:

  • Preparing evidence demonstrating why the debt is substantially disputed and representing them at the Bankruptcy Petition Hearing.
  • Enter in to negotiations with creditors to achieve a settlement outside of the Court to avoid a Bankruptcy Order been made.

We have experience of acting for individuals who have been pursued by a wide variety of creditors including, local authorities, banks, building societies and lawyers. We work on a private fee or no win, no fee basis, depending on your circumstances.

To get started with an initial free consultation, get in touch today by calling our team on 0161 200 9960.

 

Testimonials

Barings Solicitors were outstanding! I have used other solicitors before but no other firm made me feel like they really cared about me as a person. Thank you so much!


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