What exactly is Personal Insolvency or Bankruptcy?
Personal Insolvency is a term which covers both personal Bankruptcy and other insolvency processes, such as Individual Voluntary Arrangements (IVA’s).
Bankruptcy is the legal process by which a consumer or Sole Trader/informal partnership business with irrecoverable debt problems asks the Court to provide protection from creditors while the debtor’s financial affairs are sorted out.
Likewise, any creditor who is owed more than £750 (in England and Wales) can ask the Court to declare a debtor bankrupt and then recover any available assets to pay off such debts.
Bankruptcy is designed to provide a debtor with a fresh start to his/her financial life by wiping the slate clean. However, there are a number of issues which all debtors need to be aware of before any such steps are taken.
HOW CAN BPS HELP?
Whether your situation is disputed or not, BPS have the experience to adopt the right approach to achieve your objectives.