Financial difficulties can happen to anyone. From entrepreneurs who’ve taken bold risks to individuals facing unexpected challenges, debt can quickly feel overwhelming. But with the right advice, there is always a way forward.
At Milsted Langdon, our personal insolvency specialists have many years of experience helping people across Bath, Bristol, London, Taunton and Yeovil regain control of their finances. We’ll guide you through your options clearly and confidentially, so you can make informed decisions about the future.
Individual Voluntary Arrangement (IVA)
An IVA is a formal agreement between you and your creditors to restructure or reschedule your debts. To be approved, at least 75 per cent of creditors (by value) must agree to the proposal.
An IVA often means part of the debt is written off, while giving creditors a better return than bankruptcy. It provides breathing space and a structured route back to financial stability.
Bankruptcy
Bankruptcy may be initiated by you or by a creditor. If you apply yourself, it is done online via GOV.UK without needing to go to court.
Creditors can only apply for a bankruptcy order if you owe more than £5,000 and they must do so through the court system. While bankruptcy can be daunting, it can also provide a fresh start and protection from ongoing creditor action.
Every situation is different. Our role is to explain the options available, the implications of each and to support you in choosing the most appropriate path.
Our advice is always confidential, practical and focused on helping you move forward.
