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It’s easy to find yourself with facing financial difficulties – credit is freely available for many, while issues such as redundancy, bereavement and a change of career can exacerbate personal debt issues. If you are struggling to meet repayments and find yourself in arrears, creditors may threaten court action, which will only create further stress and worry. Getting support from a team of experienced insolvency solicitors at this time can be invaluable.

The experienced insolvency lawyers at Wilford Smith can help, offering clear, pragmatic and confidential advice while working tirelessly on your behalf to find the best solutions for your insolvency issues. We have a well-earned reputation for providing a uniquely client-focused service. Our solicitors will take the time to develop a full understanding of your financial circumstances, addressing your concerns and answering any questions straightforwardly and in plain English. Get in touch today to find out how we can help.

Personal Insolvency – our expertise

Our experienced personal insolvency solicitors can help you to understand the options open to you and can advise on the most practical course of action for you. We can provide guidance on:

  • Bankruptcy
  • Individual Voluntary Arrangements (IVAs)
  • Debt management
  • Contested debts
  • Financial crisis management
  • House repossession


Bankruptcy is a form of insolvency that can apply to individuals or sole trader businesses. When someone declares bankruptcy, they are released from any outstanding debts – it is often considered a last resort after alternative means of dealing with debts have been explored.

An application for bankruptcy can be made by the individual themselves or may be sought by a creditor who is trying to recover outstanding sums. The state of bankruptcy will typically last for a year, but can depend on the amounts involved and the specific facts of the case.

Individual Voluntary Agreement (IVA)

An IVA is an agreement made between an individual and creditors that a percentage of their debt will be repaid over an agreed period. The agreement will be put together by a licenced insolvency practitioner nominated by the individual to act on their behalf and will be ratified by the court and circulated to creditors.

One of the reasons IVAs are seen as a preferable alternative to bankruptcy is that they are private – unlike bankruptcy, information about the agreement is not released into the public domain. Once the terms of the IVA have been agreed, creditors cannot change their mind, with interest usually being frozen and outstanding debt at the conclusion of an IVA being written off.

Contact our Insolvency Solicitors

Through our personal and commercial insolvency work, we have developed strong working relationships with other professionals working in this area. As a full-service firm, our insolvency solicitors can work closely with colleagues with specialist knowledge in other areas, such as property law, to provide you with comprehensive legal support, whatever your circumstances.

Call our specialist Insolvency Solicitors on 0808 164 1349 or complete our online enquiry form to find out how we can help.