Debt and Bankruptcy
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Call 0208 826 1200 Make an EnquiryExpert Debt and Bankruptcy Services & Advice
Financial difficulties can be overwhelming with both serious legal and professional consequences if not addressed promptly. Whether you are an individual struggling with mounting debt or a business facing insolvency, expert legal guidance is crucial to protecting your interests and exploring viable solutions.
At Drake and Case we aim to provide guidance at every stage helping clients to understand their options, manage creditor relations and navigate complex procedures.
Our aim is to provide clear actionable advice and to implement effective strategies that safeguard your financial future and resolve debt challenges efficiently.
Debt and Bankruptcy FAQs
Here are answers to some common questions about our legal services for Debt and Bankruptcy.
What is the difference between bankruptcy and insolvency?
"Insolvency" is a financial state where you cannot pay debts when they fall due. "Bankruptcy" is a specific legal procedure for individuals to deal with insolvency. Companies go through "liquidation" or "administration," not bankruptcy.
How will bankruptcy affect my assets?
In bankruptcy, your assets (including your home) usually transfer to a Trustee, who may sell them to pay creditors. Essential items for daily living and tools of your trade are typically exempt. We can advise on protecting your family home where possible.
Can I avoid bankruptcy if I have serious debt?
Yes, alternatives exist, such as an Individual Voluntary Arrangement (IVA), which allows you to pay back a portion of your debt over time. We help evaluate if an IVA or a Debt Relief Order is a better suitable option for your circumstances.
What is a Statutory Demand?
A Statutory Demand is a formal warning from a creditor requiring payment within 21 days. If you ignore it, they can petition for your bankruptcy. You must act immediately to pay, secure, or apply to set aside the demand.
Will my employment be affected by bankruptcy?
It depends on your profession. You cannot act as a company director while bankrupt, and certain roles in finance or law may be restricted. We advise on the professional implications before you proceed with any insolvency route.
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