Questions we are often asked ...
... by people not yet bankrupt, wondering what to do:
Other questions that
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
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
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
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.
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.