There are a number of forms of personal insolvency. The most appropriate for an individual will depend on whether they are an individual, sole trader or a partner in a partnership and the ability to pay creditors.
Personal insolvency is also a very emotive subject as it generally involves the family home and assets that have a sentimental value. For debtors considering making themselves bankrupt it can be difficult to discuss with anyone - their pride can come before a fall.
The types of personal insolvency are as follows:
For further advice and assistance regarding any aspect of the above insolvency procedure, please contact BRI. We will discuss, free of charge, any further implications and alternatives with you.