The area of solvency for individuals often raises its head when the economic times are not so good, and people may have over-extended themselves. High levels of debt, personal guarantees related to failed businesses and/or adverse litigation results can see people facing large creditor bills or damages which they cannot pay.
If such a situation arises, it is important to get advice around what steps can be taken. Often there are methods to deal with personal insolvency that do not involve instantly bankrupting oneself.
If you find yourself in a difficult financial position and are wanting to know what options you have with regards to dealing with your creditors, feel free to get in touch with us.