Bankruptcy

We have many years of experience in advising and assisting on bankruptcy

Bankruptcy is a complex subject area where caution should be applied.

 

People believe it is the quick ‘fix’ to their problems but unfortunately are not fully aware of the short and long term consequences for them or potentially their friends and family if money has been repaid to them as a preference over their creditors.

The solicitors at M2M Community Solicitors LLP have many years of experience in advising and assisting on bankruptcy law for the person who has been made bankrupt, wanted to become bankrupt, attempting to stop a bankruptcy, those who are losing their homes through bankruptcy, challenging the trustees remuneration and those applying for an annulment of their bankruptcy or establishing your beneficial interest in a bankrupt’s property as well as many more similar cases.

Specialist advice is needed to cover all aspects of a bankruptcy case the pros and cons for you, the individual as advice will differ depending on the individual situation and also the options available to try and achieve your ‘goal’ whether that is trying to stop the bankruptcy, ensuring that costs are as low as possible, which can include challenging the Trustee’s remuneration, annulment of the bankruptcy or attempting to show that you have a beneficial interest in a property owned by the bankrupt person therefore protecting and receiving your money.

Frequently Asked Questions

Can I get Legal Aid to help with my case?

Legal Aid is not available for bankruptcy cases. We do charge for our services and the amount will depend on what work is required. There are many places providing bankruptcy advice and some of those are free services however, they are not all specialist bankruptcy advisors and based on our experience and feedback from other client’s incorrect advice has been given by others on whether a person should be declared bankrupt. All matters should be fully assessed prior to any advice being given so that advisors are aware of all correct information, most commonly whether clients are home owners. Seeking advice from a person experienced in dealing with bankruptcy is the safer option.

What do I need to bring to a meeting?

We will need you to bring photographic identification such as a valid driving licence or passport, a utility bill with your name and address dated within 3 months of the meeting and proof of your income for example a payslip or bank statement showing income being paid into your account.

You should also bring a copy of any Court papers you have if you are already bankrupt and any correspondence from the Insolvency Service, Official Receiver and/or Trustee in Bankruptcy. If you are not yet bankrupt but have received a Statutory Demand then a copy of the Statutory Demand and a list of all debts that you have with the last correspondence from each creditor showing who you owe, the amount you owe and the type of debt, whether that is a loan, catalogue, credit card, utility bill or other debt.

You should also bring with you a list of your income with proof such as payslips, benefit letters and bank account statements showing all of your income being paid into your account(s) and a list of your expenditure with proof so for each utility bills, a copy of the bills, a copy of your Council Tax letter, receipts if you have them from your shopping and such alike.

If you believe that you have a beneficial interest in a property owned by another person, which could be your husband/wife, mother/father, partner, son/daughter or friend then bring in proof of what you believe you contributed towards the property. This could be proof that you paid towards the deposit for the property, proof you have paid the mortgage or paid for works in the property which has led to the value of the property increasing such as a house extension.

What does the beneficial interest in another person’s property mean?

When a person owns a property, there is legal ownership and equitable ownership through a person’s beneficial ownership. This is a complex argument to make in many cases but is relevant in cases where the property is owned by one person but another person has contributed money to the property but is not the legal owner. This can be by paying the deposit or towards the deposit, making mortgage payments, carrying out work in the property to increase the value of the property. We have successfully established a person’s beneficial interest in a property by negotiation which is cheaper than if the matter proceeded to Court where the amounts achieved have ranged dependent on the amount of evidence clients have been able to produce.

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