Tenable Solutions Limited,
Unit 3 Thornes Office Park,
Monckton Road, Wakefield,
West Yorkshire
WF2 7AN

Tel: 0844 855 0 225
Fax: 0844 855 0 229

> Email Us <

Personal Insolvency

Once someone has declared insolvency or bankruptcy they have very few options available to them. Insolvency essentially means that someone has no way at all of paying back the money that they owe as debt, so obviously it is extremely serious if someone is forced to declare themselves insolvent. One could file for bankruptcy, which would leave them with restrictions on their future employment and the stigma attached to this legal process, not to mention the various issues with banks and creditors that will continue into the future. For these reasons, many people look to an Individual Voluntary Agreement as an alternative to declaring bankruptcy.

Declaring insolvency isn’t easy, it is a legal process that requires professional advice in order to be completed successfully. The chances are that large sums of money are involved, so these processes are taken very seriously by all concerned. For this reason, hiring an insolvency practitioner could be the way forward in order to handle the process more efficiently and with the least amount of stress. A true insolvency professional will have years of experience handling situations like yours, and will know exactly how to deal with your creditors. He or she will conduct a full review of your personal finance situation, assessing the value of any assets you may have and trying to look for solutions to your problems. If there really is no other option but to declare yourself insolvent, the practitioner will be able to make the process as painless as possible.

There are many ways that you could avoid insolvency, such as some form of debt consolidation or renegotiation, but they are not always suitable and for this reason insolvency is sometimes necessary. One of the great things about hiring a professional to look at your financial situation is that they can make objective decisions based on the numbers they have before them; they will not be swayed by emotion. This means that they will stop you from continuing down a bad path simply because you hope that your financial situation will soon ease. In this way, insolvency practitioners can save you a great deal of hassle, and give you the motivation you need to improve your situation in the future.

Once insolvency has been decided as the only available course of action, the practitioner will begin talking to your creditors. They will be presented with full details of your finances and the reasoning behind your insolvency. If you own any assets, these will be offered to the creditors and can be liquidated if they so wish in order to try and reclaim some of the money they have lost.

This process is sometimes extremely complicated and can turn nasty, especially given that your creditors will be strongly affected by your inability to pay back the debt you owe. Therefore, it is always helpful to have a professional handle the process, so that you do not have to deal with the huge stress which accompanies it. The professional insolvency practitioner will also know your legal rights and be able to protect you from any legal attacks that may come your way from your creditors.

Insolvency is one of the worst things that a person can go through financially, but it doesn’t have to be the end of the world. Many people bounce back from insolvency to lead excellent lives and become wealthy again, since insolvency can represent a fresh start in many situations. It is important to learn the lessons of your mistakes, and know exactly why you were put into such a difficult situation in the first place. It may not have been your fault, or it could have been reckless spending on your part; either way, your financial stability depends on extremely good control of your personal finances, and so professional advice can go a long way to ensuring that you don’t make the same mistakes again.

Request a callback