Personal Financial Difficulty, Informal Arrangements with Creditors and Bankruptcy

We can help you to deal with your financial problems and advise you on the options available to you to clear your debts. This service includes a review of your debts and assets and advice on your options including bankruptcy.

Please note that this advice is available only to those with debts exceeding £50,000 (not including a mortgage) or to buy to let portfolio owners.   Debtors with few assets (property, investments or savings) or whose debts are less than £50,000 are advised to contact Citizen's Advice, to review material published on the National Debtline or Money Advice Service service recommended by the UK Government ( or or to contact the Insolvency Service:


We can advise you on your options and also on the impact on you if you are made bankrupt or decide to petition for your bankruptcy. You may need to understand what happens in a bankruptcy, how long it can last and what your obligations are. We can review your financial situation and advise you accordingly, explaining the bankruptcy process, whether bankruptcy is right for you and what is expected of you if you choose to be made bankrupt. 

Informal Arrangement with Creditors

It may be that you wish to avoid a formal insolvency procedure and one way to do this is to put in place an informal arrangement with your creditors. We can assist with this and often creditors will benefit from knowing that a professional has reviewed your financial position and may be more prepared to accept your offer of an informal arrangement to pay them.

Dealing with your Trustee in Bankruptcy

Bankruptcy can be a complex process and you may need assistance in dealing with your Trustee in Bankruptcy. As a bankrupt you will need to cooperate with your Trustee in Bankruptcy and provide him or her with information to assist in the orderly administration of the bankrupt estate. We can assist you in collating information and in providing explanations, making the process more efficient and less stressful.   

Assessing your financial position

The first step in providing advice for individuals in financial difficulty is to assess their true financial position in terms of how much money they owe to creditors, what they own and what money they can get together to pay what they owe. This can be a relatively complex process where there are many assets, such as buy to let properties. We can make the process easier and can advise on options for dealing with financial difficulty given the asset and creditor position.

Please note that the above is provided for illustration purposes only and comprises a short view of extremely complex insolvency and other legislation. This is a complicated area and specific advice must be sought before undertaking any course of action or before refraining from any course of action. Gore and Company takes no responsibility for any loss incurred to or by any person who either acts or refrains from acting on the basis of the above or of any other item published on this website. The above note may not be reproduced without the prior written consent of Gore and Company.

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