WHAT SERVICES DO WE PROVIDE?

The simplest and easiest thing to do is to contact us now for a free, no-obligation, discussion with one of our specialists. Let’s see what we can do for you.

SPEAK TO A BANKRUPTCY EXPERT TODAY

WHAT SERVICES DO WE PROVIDE?

The simplest and easiest thing to do is to contact us now for a free, no-obligation, discussion with one of our specialists. Let’s see what we can do for you.

SPEAK TO A BANKRUPTCY EXPERT TODAY

Personal Insolvency Service

Are you struggling with unmanageable debt? If so, don’t worry; we can help wherever you are. Our UK-based personal insolvency service provides the best solutions to get out of debt quickly.

At Asset Solutions, we work with a selected panel of solicitors and independent financial advisors (IFAs) to assist clients with personal insolvency problems. To discover more about the individual service we offer, please read on or call us for a free consultation. 

Individual insolvency advice and support

Whatever your concerns, our experts at Asset Solutions cover the full spectrum of personal insolvency across the UK. We can assist you with practical bankruptcy advice and timely support to deal with the following:

  • Statutory demands.
  • Bankruptcy petitions and declarations.
  • Navigating the insolvency process.
  • Negotiating with appointed trustees.
  • Restoring your credit record.

Our comprehensive yet tailored service takes the stress out of dealing with the personal insolvency process. Below, you will find some frequent issues with which we assist clients. 

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Although we do not provide financial advice, we are able to put you in touch with Independent Financial Advisors with a particular specialism in lending to those people who have been made bankrupt; or who have poor credit. In this way, you may be able to raise sufficient funds to pay off any debts that are the subject of personal insolvency proceedings.

So please contact us today.

Dealing with debt

Have you received a letter calling you to an interview with a trustee in bankruptcy or the Official Receiver? We can accompany you to guide and support you. 

If you have recently received a questionnaire from The Insolvency Service, let us help you complete it correctly to the best of your knowledge. With your authorisation, we can confirm who your creditors are and how much you owe them. 

On your behalf, we can liaise with the Official Receiver or a trustee, thus putting a buffer between you and them. Our clients often mention that this way of working reduces stress and makes the situation considerably easier to manage. 

If your bank has frozen your current account due to individual insolvency, we can help you unfreeze it. The next step is opening a new account to manage regular payments of your usual living costs. 

Suppose you are facing an attachment of earnings order. In these cases, we can assist you by negotiating the lowest possible regular payment to the trustee concerned. 

We will negotiate with your trustee if you want to sell your home. Despite legal proceedings in progress, our experts will make every effort to convince them to allow you to sell your property. 

If the trustee is seeking to repossess your home, we will prepare a defence based on your circumstances and available options. 

Arranging advice

If you require legal assistance, we can put you in touch with one of our tried and tested legal advisers. That way, you can be sure you are heading in the right direction.

Similarly, we will gladly introduce you to an independent adviser if you require financial advice. By working with your carefully chosen expert, it might be possible to raise the finance necessary for you to annul your bankruptcy.

Personal insolvency consultation

If you want to annul or discharge your bankruptcy, we can help you to take all the necessary steps, we can help you:

  • Prepare the application.
  • Instruct a solicitor.
  • Submit your application.
  • Discuss the various routes to raise the money needed.
  • Assist in obtaining the final order.

After the annulment or cancellation of insolvency, we can help to remove traces from your credit reports and property registers.

Frequently asked questions

Individual and personal insolvency are one in the same. Personal insolvency occurs when an individual fails to pay debts. Depending on the creditor(s) involved, this non-payment often leads to well-established legal steps.

Defaulting on payment of the money you owe can give rise to a statutory demand. Failure to either pay, make an arrangement or dispute the debt could lead to the creditor filing a court petition against you for individual insolvency.

Insolvency status remains on credit reports for six years. 

For more information read our article on how long you stay on the Insolvency Register.

Some effect is likely, yes. That is why seeking an insolvency solution is the best option. Recovering your financial status makes it possible to recover credit scores. 

You could opt for an informal arrangement or a debt management plan, depending on the situation. Alternatively, an IVA (individual voluntary arrangement) is a binding agreement which suits indebtedness where the individual has property or other assets, even if currently relatively illiquid.

Not necessarily; individuals can declare themselves bankrupt online for a fee of around £680. However, the disadvantages may outweigh the advantages. It is highly advisable to take professional advice before applying.

When a court declares an individual bankrupt, that person cannot act as a qualified professional, manage a business or be a company director until discharged. The time interval is usually at least twelve months. 

If insolvent, it is often necessary to sell assets of high value to pay creditors. If you have equity in a residential property, you may have to sell it – even if it is your home. 

Similarly, tenants with arrears may have to leave their rented property. Business owners with equity often have to sell up.

Annulling insolvency may take months due to the required information and administration.

In the UK, there is only one type of insolvency, i.e. individual insolvency. The status does not apply to limited companies.

Conversely, various types of insolvency (denominated Chapters) exist in the USA.

Contact a member of the team today.

Our experienced staff are well placed to provide you with any advice you need, or to answer any questions that you might have.

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If you would like to talk to us now, you can call us free on

0800 689 3861