If you cannot repay your debts, you may be considering bankruptcy. Before taking that step, it’s important to consider other personal insolvency options.
Our insolvency experts help many individuals to take control of their finances and deal with debt. We can assist you to find the best solution for your individual circumstances.
Our services include advice on:
- Individual Voluntary Arrangements: If you are experiencing difficulty repaying your creditors, an Individual Voluntary Arrangement (IVA) is solution to consider. An IVA is an agreement between you and your creditors under which you agree to make regular payments through an Insolvency Practitioner. A significant benefit of an IVA is that it offers some protection from creditors.
- Debt Relief Orders: If you have a very low income, few assets and your debts do not exceed £15,000, you may be eligible to apply for a Debt Relief Order. For eligible individuals, obtaining a DRO can be a low cost alternative to bankruptcy.
- Bankruptcy: Bankruptcy orders are made by the High Court and usually last for a year. In certain circumstances, bankruptcy can offer a way to clear your debts and make a fresh start. Before deciding to become bankrupt, however, it is important to explore other options and obtain independent advice.
PKF-FPM can help you to decide which of these solutions best fits your individual circumstances. We also help with informal settlement negotiation, refinancing and negotiated time settlements.
For an informal discussion about your specific situation, please contact a member of our team.
|Alison Burnsideemail@example.com||Phone number: 028 902 431 31|
|Seamas Keatingfirstname.lastname@example.org||Phone number: 028 902 431 31|
|Gary Digneyemail@example.com||Phone number: 028 902 431 31|