Bankruptcy Example Cases

Bankruptcy the only sensible for couple owing over £50,000

After a reduction in income the clients were unable to keep up with their mortgage and the arrears soon mounted up. The only option was find alternative accommodation while the house was repossessed. With a large unsecured debt level plus an inevitable shortfall on the property completely overwhelming, managing these debts was no longer feasible.

We spread the costs of the bankruptcy around their affordability while fending off the creditors and solicitors. The clients are now paying an income payment order of £200 for 36 months and the combined debt of over £50,000 debt was dealt with by the Trustee.

Shop owner given a fresh start

Our client had an antique shop that was struggling due to the recession. She eventually stopped trading and could not satisfy all the creditor demands on her limited income. After setting up a new company, the income that brought in we was able manage her creditors while arranging the bankruptcy petition. All the previous company debts and personal debts were written off and she was given a fresh start.

Her new company is still trading and continues to do well, she was happy with our support throughout the stressful bankruptcy procedure.

Debt management unsuitable for retired couple on low income

A retired couple who were struggling with their debt management plan and had numerous health problems felt that there was no end in sight to the huge debts they had. With the complex paperwork too much for them, we were able to continue to deal with debt collectors while they raised the money from family to go bankrupt.

They were both extremely happy with our service and felt that they could not of gone bankrupt without our help. The combined debt of £37,000 was written off and due to a low pensionable income and no income payment order was applied.