One of the most common concerns when facing insolvency or company liquidation is whether you will lose your home. The short answer is: not necessarily. The outcome depends on your personal financial situation, ownership status, and how your debts are structured.
How Insolvency Affects Your Home
- Limited Company vs Personal Debt:
If your business is a limited company, your personal assets, including your home, are usually protected, unless you have given personal guaranteesinvolving your property. - Personal Guarantees:
If you have signed a personal guarantee secured against your home or have used your home as collateral, insolvency practitioners and creditors may seek repayment by placing a charge on your property or forcing a sale. - Mortgage and Secured Loans:
If you are current on your mortgage payments, you are less likely to lose your home. However, falling behind on mortgage or secured loan payments can lead to repossession. - Insolvency Practitioner’s Role:
At The Insolvency People, we work closely with insolvency practitioners who understand the importance of fairness and protecting personal assets where possible. Our recommended insolvency practitioners (IPs) strive to negotiate reasonable payment plansand manage your debts in a way that minimises risk to your home.
Fair Payment Plans and ODLA (Office of Debt and Loan Agreements)
We strongly recommend working with insolvency practitioners who:
- Offer fair and realistic payment planstailored to your income and circumstances.
- Utilise schemes like ODLA (Office of Debt and Loan Agreements)which help structure debt repayments over an agreed timeframe.
- Avoid unnecessary pressure or aggressive enforcement that could jeopardise your home.
- Provide transparent advice and clear communication throughout the insolvency process.
By choosing practitioners committed to fairness, you can often avoid losing your home and focus on resolving your debts effectively.
Protecting Your Home in Different Locations
We support clients across the UK, ensuring local knowledge is applied whether you live in cities like Glasgow, Edinburgh, Manchester, Leeds, London, Oxford, Birmingham, Liverpool, Sheffield, Bristol, Newcastle, Nottingham, Derby, Southampton, Coventry, Leicester, Cambridge, Brighton, York, Reading, Portsmouth, Milton Keynes, Stoke-on-Trent, Swansea, Cardiff, Plymouth, Bath, Cheltenham, Exeter, Gloucester, Hereford, Luton, Northampton, Peterborough, Preston, Salford, Sunderland, Warrington, Walsall, Wolverhampton, Worcester, Blackpool, Bournemouth, or smaller towns and villages such as Rochdale, Aylesbury, Stoke Mandeville, Bury, Wigan, Altrincham, Macclesfield, Telford, Halifax, Dewsbury, Barnsley, Hinckley, Cannock, Maldon, Saffron Walden, Abingdon, Cirencester, Faversham, Lichfield, Bicester, Witney, Didcot, Great Yarmouth, Haverhill, Kettering, Kidderminster, Leighton Buzzard, Liskeard, Louth, Mildenhall, Newbury, Oswestry, Redditch, Rugby, Shrewsbury, Stafford, Taunton, Thame, Truro, Uckfield, Uttoxeter, Wantage, Wareham, West Bromwich, and villages like Prestbury, Alderley Edge, Clifton, Middleton Tyas, Eccleston, Culcheth, Hartfield, Haxby, Tibshelf, Wellow, Burford, Longhope, Eynsham, Great Tew, East Ilsley, Duntisbourne Rouse, Cold Aston, Shilton, Bibury, Southrop, Alfriston, Beaulieu, Castle Combe, Datchworth, Eastington, Fittleworth, Goring-on-Thames, Hambledon, Inkpen, Kelmscott, Lavenham, Minster Lovell, Nunney, Orford, Pentewan, Quenington, Rodmarton, Seend, Teffont, Uffington, Villiers, West Chiltington, Yarcombe.
Why Choose The Insolvency People?
- We prioritise fairness and transparency.
- We only recommend qualified insolvency practitionerswho have a proven track record of supporting clients with reasonable payment plans.
- We guide you through every step of the insolvency process with your best interests at heart.
- We help you understand how to protect your home and personal assetsduring financial difficulties.
- Our local teams offer face-to-face advice throughout Manchester, London, Leeds, Birmingham, Glasgow, Edinburgh, Bristol, Newcastle, Nottingham, Derby, Southampton, and beyond.