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Frequently asked personal insolvency questions

How we will help

How have you helped people like me before?

The team of insolvency practitioners at Atherton Bailey has many years’ experience of every conceivable type of financial problem. No two individuals’ situations are the same, that’s why we will spend time with you to get to know the precise nature of your circumstances before making tailored recommendations to solve your problems. The initial consultation will be free and with no-obligation. After this we will send you our provisional recommendations to review at your leisure — again at no cost or obligation. If you accept our outline proposals we will prepare a detailed proposal for your creditors and put it to them on your behalf for their agreement.

How quickly can you help?

We should be able to see you almost immediately. If necessary we can even meet with you in the evening. By the end of your first consultation we will have been able to analyse your problems and make provisional recommendations.

Who will I see at Atherton Bailey?

You will meet a partner or experienced senior manager who will handle all of your case. Find us at Meet the Partners.

What will your services cost me?

Because we provide a service tailored to your specific needs, it is not possible to quote a standard fee in advance. Our costs are based on the time we need to spend helping you. However, our initial consultation and provisional recommendations are free and without obligation. At our meeting we will discuss with you the costs for implementing our proposals. While it is possible that by shopping around you may be offered a cheaper deal, because our experienced team delivers a bespoke service we believe that we will offer you a greater benefit. Our costs are structured to be affordable by you and in practice, if you cannot pay your creditors in full our costs are borne by them.

The future

My liabilities are more than the value of my assets, is bankruptcy inevitable?

No. The Insolvency Act 1986 and Enterprise Act 2002 allow debtors to propose schemes which, if approved by creditors, provide a statutory ring fencing around old debts to allow you to reorganise your financial affairs in an orderly and beneficial manner.

Will my employer or family have to know about my situation?

We deal with all matters on a strictly confidential basis. Although bankruptcy is advertised in the local paper, an Individual Voluntary Arrangement is not.

Will I lose my house?

Our Individual Voluntary Arrangement proposals are commonly developed primarily in order to save your home. However, you must bear in mind that if you have substantial equity in your house you will have to offer more to your creditors to compensate for it not being sold.