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Bankruptcy

If you owe money that you cannot pay, you may decide to declare yourself bankrupt. In some situations, if you owe £750 or more, the people you owe money to may apply to make you bankrupt. Becoming bankrupt is often seen as a last resort but, for some, bankruptcy can be a relief – putting an end to months or years of financial uncertainty.

When you are made bankrupt the things you own can be taken and sold to pay your debts. There are also certain rules known as bankruptcy restrictions that you must follow whilst bankrupt. At Smith Roddam Solicitors, we can explain exactly what bankruptcy entails and the restrictions and responsibilities that arise when you become bankrupt. Importantly, we may be able to help you find better alternatives to bankruptcy and put a debt management plan in place to help you regain control of your finances.

You may be worried about what will happen to your home and possessions if you become bankrupt. We will explain everything to you in straightforward terms and do all we can to minimise the impact on you and your family. In many cases, becoming bankrupt does not have to mean losing your home.

If your creditors have applied to make you bankrupt or if you’re considering bankruptcy, talk to us as soon as possible. Our friendly solicitors will make the process much more straightforward and help ease your worries. With our free initial assessment promise, you can discuss your options before deciding what action to take, so call us on
01388 881 611today.

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Neil Thompson
Partner
Bishop Auckland
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Expert legal advice you can rely on:


Debt

When you’re struggling to deal with debt, it’s easy to feel out of control. The first step to getting back on track is to ask for help.

Bailiffs

When struggling with debt, many people worry about bailiffs visiting their home. And if you’ve been threatened with bailiff action, it can feel intimidating. The good news is that, like any other profession, bailiffs have a code of conduct that they must abide by and they have a duty to treat you fairly. At Smith Roddam Solicitors we can help ensure this happens.

Bankruptcy

If you owe money that you cannot pay, you may decide to declare yourself bankrupt. In some situations, if you owe £750 or more, the people you owe money to may apply to make you bankrupt. Becoming bankrupt is often seen as a last resort but, for some, bankruptcy can be a relief – putting an end to months or years of financial uncertainty.

County court judgments

If you have been unable to pay debts that you owe, the companies you owe money to can take court action against you. If you still fail to pay, you may receive a county court judgment (CCJ).

Debtors and debt management

When debts begin to mount up, you can find that several companies are asking you for money at once.

Mortgage fraud

Investigations into mortgage fraud have risen in recent years in response to tighter regulations on mortgage lenders. As a result, more individuals may find themselves affected by mortgage fraud.

Small claims court

If you owe money to a person or company and have been unable to pay, they may take legal action and use the small claims procedure to recover the money from you.

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