Personal Insolvency

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Personal Insolvency

Personal insolvency or bankruptcy is for individuals who are insolvent, a technical term that means they are unable to pay their personal debts to their creditors.

One way of dealing with unmanageable debt is to approach your creditors (the people you owe money to)
In some circumstances, creditors may give you more time to pay, agree to renegotiate repayments or accept a smaller payment to settle the debt.

Often a more suitable outcome can be achieved through a third party rather that directly yourself.
We can talk to you about your options and propose an informal arrangment between you and your creditors.

Personal Insolvency
Personal Insolvency

Every person’s circumstances are different.

An option that suits one person may not suit another. In making your decision, it is important to be realistic about your current situation as well as what you expect to happen in the future.

For example, if you are thinking about asking your creditors for more time to pay your debts, or to pay by instalments,
then you should make sure that this is something you will definitely be able to afford. If not, you may want to think about other more formal options.