Take early advice to avoid the worst consequences
If an individual wishes to defend a bankruptcy petition, it is vital that they take early advice, whatever stage of the proceedings. The later a petition is left not dealt with, the worse the position can become. But legal advice whatever the stage you are at can often make the difference between going bankrupt or finding another solution.
Bankruptcy petitions can be defended
It is possible to defend a bankruptcy petition. For example, if it can be shown that
- the debt is substantially disputed;
- the debt has already been paid;
- there is a valid counterclaim or cross claim against the creditor – which basically extinguishes their debt;
- there are procedural defects in the petition itself; or
- the petition debt is already secured.
Our expertise can help assess whether you have any valid grounds to defend the bankruptcy petition.
Other options available to you
Even if the debt is owed, there might still be ways of avoiding bankruptcy. These include
- negotiating a settlement with the creditor who has presented the Bankruptcy Petition, for example by proposing instalment payments;
- agreeing to provide a charge over a property;
- arranging payment via a third party;
- entering in to an Individual voluntary Arrangement (IVA).
Whatever your current situation, we can assist. Contact one of our friendly team today for help.