Head Office: Irwin & Company, Station House, Midland Drive, Sutton Coldfield West Midlands B72 1TU
Are you facing serious debt problems and considering the possibility of bankruptcy in Birmingham?
Bankruptcy is a way of clearing debts that may otherwise take years to pay back. It is one of the quickest ways to gain a fresh start financially. However, it’s not a decision to be taken lightly as it can have serious implications for your future.
At Irwin & Company, we’ve been helping people deal with bankruptcy for years. Our dedicated team of specialist insolvency practitioners in Birmingham provides advice and assistance on whether bankruptcy is the best solution for you, and can guide you through the process in a sensitive, empathetic manner.
Bankruptcy is a legal procedure that releases a person from their debts. You can declare yourself bankrupt or a creditor can apply to court to bankrupt you, even if you don’t want them to. For this to happen, you must owe them a minimum of £5,000.
While bankruptcy writes off most of your debts giving you a clean financial slate, it’s a big step that impacts many areas of your life. Therefore it’s essential to have a full understanding of the process.
If you wish to declare yourself bankrupt, you must complete an online form and pay a fee of £680; you must pay the fee in full before your application will be considered.
An adjudicator at the Insolvency Service in Birmingham will consider your application and make a decision within 28 days. If your application is accepted, a bankruptcy order will be issued.
A creditor can make you bankrupt if you owe them £5,000 or more, and you haven’t been able to agree repayment of the debt. Before presenting a bankruptcy petition, the creditor must issue a statutory demand. If you cannot meet this demand within 21 days, they can apply for a bankruptcy order via court.
During bankruptcy, valuable, non-essential assets, such as property and possessions, may be sold off and used to pay your creditors, along with any excess income. At the end of the bankruptcy period – usually a year – the remainder of your debts will be discharged.
There are advantages to bankruptcy, including:
However, it’s important to understand the disadvantages to bankruptcy before you file an application. These include:
At Irwin & Company, our knowledgeable team of licensed insolvency practitioners has many years’ experience in dealing with bankruptcy. Our empathetic, non-judgemental team will deal with your situation on a case-by-case basis to help you achieve the best possible outcome.
To discuss a bankruptcy case, contact Irwin & Company today.