How can a bankruptcy solicitor help you?

Bankruptcy is a situation wherein a person is unable to pay his debts. A person can file a bankruptcy petition on his own, called debtor’s petition or one or more of his creditors can file a petition to declare him as a bankrupt. This is known as creditor’s petition. Once the petition is accepted in the court and the person is declared as a bankrupt, his assets are held by the Official Receiver. The Official Receiver then takes control of his assets and keeps them secure until an Insolvency Practitioner is appointed. The Insolvency Practitioner then distributes the assets amongst all the creditors.

However, things are not as easy as they sound. Filing for bankruptcy is a very confusing task in the first place. There are endless papers and formalities that need to be completed. And once the petition is accepted, the person has to give all the details of his assets and any money that he has to the insolvency practitioner to help him settle his debts. Usually, the whole process takes as long as 12 months to discharge a person of insolvency claims.

It is against this that people hire bankruptcy solicitors. A bankruptcy solicitor London and elsewhere is a lawyer who specialises in matters related to debts and insolvency. He is given proper training to handle insolvency cases and is given a certificate on successful completion of the course. The training is usually given by a special body known as Solicitors Regulation Authority. This body ensures that no one practices as a bankruptcy solicitor without prior trainings and certification being awarded to him.

A bankruptcy solicitor is of great help to people who been declared as bankrupt or who are thinking of declaring bankruptcy. Along with filing the bankruptcy petition and handling other formalities on behalf of such people, a bankruptcy solicitor offers advice and solutions to get people out of this difficult phase as quick as possible.

A good bankruptcy solicitor, for instance, can help you in eliminating all your debts by liquidating your assets and by making pre-arrangements with your creditors, with the prior approval of the court. He would tell you what you need to do in order to rearrange your current debts so that you can clear off everything and get away with all the creditors. A bankruptcy solicitor UK has comprehensive knowledge of state laws and regulations regarding bankruptcy can guide you through the entire process.

With a qualified, competent, and friendly bankruptcy solicitor London on your side, you can get out of this difficult phase and re-build your life once again.  

For the best bankruptcy solicitors in London, please log on to www.duncanlewis.co.uk