Bankruptcy

Take control of your financial problems

What do you do when your financial affairs are in a mess? Most people lie awake at night worrying about them, but don’t do anything. They believe that things will sort themselves out and somehow they will manage. In reality, financial problems do not just go away. They generally get worse if left unattended for too long. By the time you decide to do something, it is often too late. A bankruptcy petition may have been issued or you may be swamped by payment demands from credit companies, loans and banks. By this time you will have totally lost control of your financial situation. It can happen to anyone, often through no fault of their own.

To discuss your bankruptcy and debt management issues please call Myers Clark, Chartered Accountants in Watford on 01923 224411 or click here to email us. Click for profiles of Paul Shaw and Vee Bharakda, key members of the insolvency and bankruptcy team.

Bankruptcy and personal financial problems

Becoming bankrupt may mean your access to future finance is restricted, although most people who have declared themselves bankrupt are discharged from this process within 12 months (although there can be longer-term effects on their credit ratings).

Find out what your options are

Myers Clark has a specialist team of people with years of experience of helping people facing bankruptcy proceedings (or who are already bankrupt or are aware that they have serious financial problems). Typically, people with financial problems do not know what bankruptcy means to them, how to deal with it or what their options are.

“The service I receive is very good and very helpful. I am made to feel that my situation is not the end of the world."

Take action now

The key to managing your personal financial situation is to take action now. As soon as you realise the importance of the situation you are in, the sooner you can do something about it. By taking our prompt and compassionate advice you can regain control of your situation. Whilst we are not doctors we know that we can help you to ease the pressure and start feeling better immediately – as soon as you book a free initial consultation with one of our advisers.

Realistic costs

The last thing you need at this difficult time is expensive advice which just increases your level of debt. At Myers Clark, Chartered Accountants in Watford, our costs are kept to a minimum. This enables you to be charged a realistic amount which reflects your personal circumstances. You can take advantage of our broad range of contacts when necessary, including legal advice, where we have negotiated favourable rates for clients of Myers Clark.

Avoiding bankruptcy

In taking action recommended by Myers Clark to avoid bankruptcy, you:

• Stop creditors from harassing you about unpaid bills
• Avoid the fear of losing your home
• Protect your privacy, as your employer will not need to know about your financial situation
• Have no inspection by outsiders of your personal records
• Can continue to trade if you are in business
• May still be able to obtain credit
• Remain in control of your financial affairs.

Recovery from financial problems

The process of recovering from debt depends on your situation. Your personal circumstances determine what can be done and what action may be appropriate. Below is a list of services Myers Clark can help you with:

• Debt reduction and arbitration
• Negotiation and early settlement
• Informal voluntary arrangements
• Mortgage or re-mortgage
• Liaison with and dealing with 'aggressive' creditors
• Review and repair credit references
• Clearing of County Court Judgements (CCJs).

Surviving bankruptcy

If you have already been declared bankrupt, our advisers can attend meetings with you at the Official Receiver's office to complete the information required by the Official Receiver. We can also:

• Review your affairs and advise you as to the likely outcome of your bankruptcy
• Follow the best strategy to safeguard your home (very important)
• Explain and clarify the bankruptcy process
• Advise you regarding mortgages and home ownership generally
• Manage your bank accounts in the interim until you take back control
• Deal with your pension arrangements
• Deal with your endowment policies
• Formalise arrangements with your creditors
• Manage informal arrangements with your creditors
• Clear your name from the credit files
• And, depending on your circumstances, it is possible to obtain an early discharge within six months.

This is what some of our clients have had to say about Myers Clark’s personal debt and bankruptcy services:

"What a relief to have the support that I desperately needed, but I was so afraid
of how I would be treated. Vee handled matters brilliantly and was my lifeline.
I commend her expertise."

“Very helpful indeed, very calming, under difficult circumstances. Vee is a great
asset, especially when we had to have our meeting with the Official Receiver. Our affairs have been discharged. I would recommend Vee to anyone."

To discuss your bankruptcy and debt management issues please call Myers Clark, Chartered Accountants in Watford, on 01923 224411 or click here to email us. Click for profiles of Paul Shaw and Vee Bharakda, key members of the bankruptcy and debt management team.