Do you owe money that you are struggling to pay? Are you looking to declare yourself bankrupt? In the UK personal bankruptcy usually lasts for one year. It means that when it comes to borrowing more than £500 you must let the creditor know that you’re bankrupt. You may be looking to seek advice from qualified bankruptcy lawyers.
Is bankruptcy the right route for me?
Bankruptcy may not always be the right route for you, even if you are severely struggling with debts and falling far behind with payments. it is the right route for you if you are unable to see any other way out of debt – though there are other options. It is important to point out that declaring bankruptcy does have serious implications, including the selling of any assets that you own. Your name or business name will also be accessible on the bankruptcy register. Hence look at all options first.
If, however, your assets total more than your debts or if any other regular payments are being kept up to date and you have the money to continue to pay them, then bankruptcy is unlikely to be the best route or you.
How will bankruptcy affect my business?
Going bankrupt can seriously affect your business and if you are looking to declare bankruptcy you must consider the effects on your business and your family before declaring bankruptcy.
If your company is a limited company, you will no longer be able to act as a Director and once bankrupt you will be unable to take part in any of the company’s activities including the running of the business, or promoting the business without specific instruction from the Court.
Why choose CP Law Associates?
At CP Law Associates, we are able to provide you with straightforward, jargon-free advice. Our bankruptcy lawyers are trained in helping you in the most stressful situations. It is our job to understand you and your personal circumstances and the financial situation that you find yourself in, so we can provide clear and concise support and advice. We know that declaring yourself bankrupt can be a stressful situation, but we are here to act quickly.
We will spend the time to help you understand the options presented to you before we connect you to the right professional bankruptcy lawyer.
Contact us today for a free, no-obligation quote.