Areas of Law / Bankruptcy Debt

My business is struggling under the weight of bank loans and my personal debts are also mounting. I have worked out that if I sell everything I will still be £45,000 in the red, so I’ve been considering bankruptcy. How will this affect my chances of making a fresh start?

Bankruptcy isn’t quite such a serious step as it used to be, in that you may be released within a year. Since your credit record is already likely to be poor you will probably already be experiencing difficulty borrowing money, so bankruptcy may not make things worse. You will however be disqualified from forming or managing a limited company until your bankruptcy is discharged. I suggest you explore the alternatives first. Consult an insolvency practitioner.

What our clients say about our lawyers

I was very happy with everything about the service I received. Thank you.

A Happy Customer


Read More

About Us

Leading legal advisors, problem solvers – all round good guys! We’re firm believers in a practical, no nonsense approach to law. Forget the jargon, we like to keep it simple – why complicate matters? No stress, no worry, just straightforward solutions to your legal issues. Free legal advice at your fingertips, from the experts to your inbox.

Free-Legal-Advice.co.uk is owned and operated by Farleys Solicitors LLP, a member of The Law Society and is regulated in the practice of law by the Solicitors Regulation Authority, Registration No: 484687. Any advice given on this site or in response to any question is only applicable to the law of England and Wales.

Privacy Policy | Terms