Questions we are often asked ...

 

...  by people not yet bankrupt, wondering what to do:

 

 

Other questions that often arise:

I am broke today and need to go bankrupt but my aunt Matilda is very wealthy and probably won’t last long and I am the sole beneficiary of her will. What if she dies after I go bankrupt? Is there anything I can do?

My business is going down the pan but my wife has a very good job. Will she be called upon to pay my creditors if I go bankrupt?

Things are going okay at the moment but I may be sued by a disgruntled client for a large sum of money and I could lose. Can I give my house and other assets away to protect them in case I go bankrupt?

I am not bankrupt and have no intention of going bankrupt but you never know what life is going to throw at you. Is there any way I can protect my assets generally in case the worst happens? Are there any time limits?

I have heard that discretionary trusts can help me to protect my estate. Is this correct?

If I go bankrupt, do I have to pay my creditors when it is over?

If I go bankrupt, can my creditors opt out and pursue me after my discharge?

If I go bankrupt are all claims against me caught?

I have seen companies on TV recommend payment plans for people having trouble in meeting their debt repayments. Are these a good idea?

My business is not doing at all well and I think I am actually insolvent. I have been told that if I transfer my business to a limited company then I can avoid personal bankruptcy. Is that correct?

I am having difficulty paying my mortgage and the building society is trying to repossess. I have seen a scheme where I sell my house to an investor who then rents it back to me. Is this a good idea and are there any pitfalls?

Can you advise over a letter I have received which I can upload to you?

 The answers, where they appear, are rather brief! Why is that?

What is important to remember is that legal issues are complex. You can look up a statute and get an instant answer to many problems but the truth is that the statute itself will only scratch the surface because everyone's circumstances can be different. There are always grey areas and the same law applied to different facts can make a difference. In addition, the way a legal issue is approached can change the outcome, especially if proper planning and preparation takes place in advance. This is not to say that the bankruptcy laws can be changed to suit an individual's circumstances but the underlying circumstances often can. To find out how these matters can affect you, you need to take independent and unbiased professional advice where you talk to your adviser about your circumstances.

That is why we run a low cost Telephone Advice Line service. You can check with us by e-mail first if we can deal with your enquiry. Just go to our Contact Us page and send the detail. There is no charge for this service.

 

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