{"id":3982,"date":"2023-05-15T08:00:33","date_gmt":"2023-05-15T08:00:33","guid":{"rendered":"https:\/\/threeglogic.in\/onelaw\/?page_id=3982"},"modified":"2023-06-05T07:18:03","modified_gmt":"2023-06-05T07:18:03","slug":"personal-insolvency","status":"publish","type":"page","link":"https:\/\/threeglogic.in\/onelaw\/personal-insolvency\/","title":{"rendered":"Personal Insolvency"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3982\" class=\"elementor elementor-3982\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-90e5d70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"90e5d70\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-db4ddac\" data-id=\"db4ddac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4bed136 elementor-widget elementor-widget-heading\" data-id=\"4bed136\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Personal Insolvency<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ce87f56 elementor-widget elementor-widget-text-editor\" data-id=\"ce87f56\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p style=\"text-align: center;\">Home\u00a0 \/\u00a0 Our Legal Services\u00a0 \/ Civil Litigation \/ Personal Insolvency<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-21d4cc6 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"21d4cc6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-26f6ba3\" data-id=\"26f6ba3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-551da90 elementor-grid-1 e-grid-align-right elementor-hidden-mobile elementor-shape-rounded elementor-widget elementor-widget-social-icons\" data-id=\"551da90\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-social-icons.elementor-grid-0 .elementor-widget-container,.elementor-widget-social-icons.elementor-grid-mobile-0 .elementor-widget-container,.elementor-widget-social-icons.elementor-grid-tablet-0 .elementor-widget-container{line-height:1;font-size:0}.elementor-widget-social-icons:not(.elementor-grid-0):not(.elementor-grid-tablet-0):not(.elementor-grid-mobile-0) 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svg{fill:var(--e-social-icon-icon-color)}.elementor-social-icon:last-child{margin:0}.elementor-social-icon:hover{opacity:.9;color:#fff}.elementor-social-icon-android{background-color:#a4c639}.elementor-social-icon-apple{background-color:#999}.elementor-social-icon-behance{background-color:#1769ff}.elementor-social-icon-bitbucket{background-color:#205081}.elementor-social-icon-codepen{background-color:#000}.elementor-social-icon-delicious{background-color:#39f}.elementor-social-icon-deviantart{background-color:#05cc47}.elementor-social-icon-digg{background-color:#005be2}.elementor-social-icon-dribbble{background-color:#ea4c89}.elementor-social-icon-elementor{background-color:#d30c5c}.elementor-social-icon-envelope{background-color:#ea4335}.elementor-social-icon-facebook,.elementor-social-icon-facebook-f{background-color:#3b5998}.elementor-social-icon-flickr{background-color:#0063dc}.elementor-social-icon-foursquare{background-color:#2d5be3}.elementor-social-icon-free-code-camp,.elementor-social-icon-freecodecamp{background-color:#006400}.elementor-social-icon-github{background-color:#333}.elementor-social-icon-gitlab{background-color:#e24329}.elementor-social-icon-globe{background-color:#69727d}.elementor-social-icon-google-plus,.elementor-social-icon-google-plus-g{background-color:#dd4b39}.elementor-social-icon-houzz{background-color:#7ac142}.elementor-social-icon-instagram{background-color:#262626}.elementor-social-icon-jsfiddle{background-color:#487aa2}.elementor-social-icon-link{background-color:#818a91}.elementor-social-icon-linkedin,.elementor-social-icon-linkedin-in{background-color:#0077b5}.elementor-social-icon-medium{background-color:#00ab6b}.elementor-social-icon-meetup{background-color:#ec1c40}.elementor-social-icon-mixcloud{background-color:#273a4b}.elementor-social-icon-odnoklassniki{background-color:#f4731c}.elementor-social-icon-pinterest{background-color:#bd081c}.elementor-social-icon-product-hunt{background-color:#da552f}.elementor-social-icon-reddit{background-color:#ff4500}.elementor-social-icon-rss{background-color:#f26522}.elementor-social-icon-shopping-cart{background-color:#4caf50}.elementor-social-icon-skype{background-color:#00aff0}.elementor-social-icon-slideshare{background-color:#0077b5}.elementor-social-icon-snapchat{background-color:#fffc00}.elementor-social-icon-soundcloud{background-color:#f80}.elementor-social-icon-spotify{background-color:#2ebd59}.elementor-social-icon-stack-overflow{background-color:#fe7a15}.elementor-social-icon-steam{background-color:#00adee}.elementor-social-icon-stumbleupon{background-color:#eb4924}.elementor-social-icon-telegram{background-color:#2ca5e0}.elementor-social-icon-thumb-tack{background-color:#1aa1d8}.elementor-social-icon-tripadvisor{background-color:#589442}.elementor-social-icon-tumblr{background-color:#35465c}.elementor-social-icon-twitch{background-color:#6441a5}.elementor-social-icon-twitter{background-color:#1da1f2}.elementor-social-icon-viber{background-color:#665cac}.elementor-social-icon-vimeo{background-color:#1ab7ea}.elementor-social-icon-vk{background-color:#45668e}.elementor-social-icon-weibo{background-color:#dd2430}.elementor-social-icon-weixin{background-color:#31a918}.elementor-social-icon-whatsapp{background-color:#25d366}.elementor-social-icon-wordpress{background-color:#21759b}.elementor-social-icon-xing{background-color:#026466}.elementor-social-icon-yelp{background-color:#af0606}.elementor-social-icon-youtube{background-color:#cd201f}.elementor-social-icon-500px{background-color:#0099e5}.elementor-shape-rounded .elementor-icon.elementor-social-icon{border-radius:10%}.elementor-shape-circle .elementor-icon.elementor-social-icon{border-radius:50%}<\/style>\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon- elementor-animation-bounce-out elementor-repeater-item-e0c58af\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\"><\/span>\n\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24px\" height=\"24px\"><path d=\"M 18 2 C 16.35499 2 15 3.3549904 15 5 C 15 5.1909529 15.021791 5.3771224 15.056641 5.5585938 L 7.921875 9.7207031 C 7.3985399 9.2778539 6.7320771 9 6 9 C 4.3549904 9 3 10.35499 3 12 C 3 13.64501 4.3549904 15 6 15 C 6.7320771 15 7.3985399 14.722146 7.921875 14.279297 L 15.056641 18.439453 C 15.021555 18.621514 15 18.808386 15 19 C 15 20.64501 16.35499 22 18 22 C 19.64501 22 21 20.64501 21 19 C 21 17.35499 19.64501 16 18 16 C 17.26748 16 16.601593 16.279328 16.078125 16.722656 L 8.9433594 12.558594 C 8.9782095 12.377122 9 12.190953 9 12 C 9 11.809047 8.9782095 11.622878 8.9433594 11.441406 L 16.078125 7.2792969 C 16.60146 7.7221461 17.267923 8 18 8 C 19.64501 8 21 6.6450096 21 5 C 21 3.3549904 19.64501 2 18 2 z M 18 4 C 18.564129 4 19 4.4358706 19 5 C 19 5.5641294 18.564129 6 18 6 C 17.435871 6 17 5.5641294 17 5 C 17 4.4358706 17.435871 4 18 4 z M 6 11 C 6.5641294 11 7 11.435871 7 12 C 7 12.564129 6.5641294 13 6 13 C 5.4358706 13 5 12.564129 5 12 C 5 11.435871 5.4358706 11 6 11 z M 18 18 C 18.564129 18 19 18.435871 19 19 C 19 19.564129 18.564129 20 18 20 C 17.435871 20 17 19.564129 17 19 C 17 18.435871 17.435871 18 18 18 z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-animation-bounce-out elementor-repeater-item-8d96f7d\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-animation-bounce-out elementor-repeater-item-37e0e1b\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-animation-bounce-out elementor-repeater-item-701d07f\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-linkedin\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ffc7e0 elementor-grid-4 elementor-hidden-desktop elementor-hidden-tablet elementor-shape-rounded e-grid-align-center elementor-widget elementor-widget-social-icons\" data-id=\"6ffc7e0\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon- elementor-repeater-item-ed46db9\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\"><\/span>\n\t\t\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" width=\"24px\" height=\"24px\"><path d=\"M 18 2 C 16.35499 2 15 3.3549904 15 5 C 15 5.1909529 15.021791 5.3771224 15.056641 5.5585938 L 7.921875 9.7207031 C 7.3985399 9.2778539 6.7320771 9 6 9 C 4.3549904 9 3 10.35499 3 12 C 3 13.64501 4.3549904 15 6 15 C 6.7320771 15 7.3985399 14.722146 7.921875 14.279297 L 15.056641 18.439453 C 15.021555 18.621514 15 18.808386 15 19 C 15 20.64501 16.35499 22 18 22 C 19.64501 22 21 20.64501 21 19 C 21 17.35499 19.64501 16 18 16 C 17.26748 16 16.601593 16.279328 16.078125 16.722656 L 8.9433594 12.558594 C 8.9782095 12.377122 9 12.190953 9 12 C 9 11.809047 8.9782095 11.622878 8.9433594 11.441406 L 16.078125 7.2792969 C 16.60146 7.7221461 17.267923 8 18 8 C 19.64501 8 21 6.6450096 21 5 C 21 3.3549904 19.64501 2 18 2 z M 18 4 C 18.564129 4 19 4.4358706 19 5 C 19 5.5641294 18.564129 6 18 6 C 17.435871 6 17 5.5641294 17 5 C 17 4.4358706 17.435871 4 18 4 z M 6 11 C 6.5641294 11 7 11.435871 7 12 C 7 12.564129 6.5641294 13 6 13 C 5.4358706 13 5 12.564129 5 12 C 5 11.435871 5.4358706 11 6 11 z M 18 18 C 18.564129 18 19 18.435871 19 19 C 19 19.564129 18.564129 20 18 20 C 17.435871 20 17 19.564129 17 19 C 17 18.435871 17.435871 18 18 18 z\"><\/path><\/svg>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-repeater-item-12dcfc6\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-2c77e70\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-youtube elementor-repeater-item-5c654f6\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Youtube<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-youtube\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-4d11a0b\" data-id=\"4d11a0b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45ec425 elementor-widget elementor-widget-text-editor\" data-id=\"45ec425\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>To be insolvent is not the same as being bankrupt. With careful financial planning and restructuring by financial advisors and legal experts it is possible to get out of insolvency and return to business as usual. Simply speaking, insolvency is when your liabilities exceed your assets so you cannot pay your bills.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29b4bb4 elementor-widget elementor-widget-text-editor\" data-id=\"29b4bb4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>What happens when you become insolvent?<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec1273c elementor-widget elementor-widget-text-editor\" data-id=\"ec1273c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>When you become insolvent you should make a claim of insolvency to the Internal Revenue Service (IRS). You have to fill out the forms 1099-C and 982 and send it to the IRS where it will be reviewed and determined. IRS will determine the amount of discharged indebtedness (forgiven debt) that can be excluded from gross income.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19b6576 elementor-widget elementor-widget-text-editor\" data-id=\"19b6576\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p data-css=\"tve-u-179fb3eb194\">In brief, this is what happens when you submit a insolvency claim to IRS:\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41fc560 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"41fc560\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/threeglogic.in\/onelaw\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\">\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-double-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The IRS will review the form you submitted and will either deny, question or accept your claim for insolvency. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-double-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">If they deny your claim, you won\u2019t be able to exclude your forgiven debt from taxes.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-double-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">If they question your claim, you may have to prove your calculations or supply supplementary information to convince the IRS that your figures are accurate. Consider showing your working outs on an insolvency worksheet. <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-double-right\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">If your claim is accepted, then you do not have to pay tax on your cancelled debt<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-94a623c elementor-widget elementor-widget-text-editor\" data-id=\"94a623c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt to the IRS on your tax return on the same year the cancellation occured.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a5061f elementor-widget elementor-widget-text-editor\" data-id=\"8a5061f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Once the IRS accepts your claim for insolvency there are different options available going forward. The most common options are IVA or bankruptcy.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45ed8e8 elementor-widget elementor-widget-text-editor\" data-id=\"45ed8e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Individual Voluntary Arrangement<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9817087 elementor-widget elementor-widget-text-editor\" data-id=\"9817087\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>An IVA is an alternative to bankruptcy and allows you to take control of your debt by proposing a settlement to your creditors which, if agreed, is legally binding. You still have to pay back your debt but it will be reduced and paid back over a period of time.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30be48f elementor-widget elementor-widget-text-editor\" data-id=\"30be48f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>An IVA must be set up by a qualified practitioner such as a solicitor or accountant. That person will manage your debts throughout your IVA. The qualified practitioner will work with you to create a repayment plan, this can be a lump sum, instalment payments or a mixture of both.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5aa7a4 elementor-widget elementor-widget-text-editor\" data-id=\"b5aa7a4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Bankruptcy\u00a0<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c77b48 elementor-widget elementor-widget-text-editor\" data-id=\"9c77b48\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you owe someone \u00a35000 or more and you have no way of paying it back either you or the person the money is owed to can apply for your bankruptcy. Bankruptcy is a chance to make a fresh start.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fb1d7a elementor-widget elementor-widget-text-editor\" data-id=\"4fb1d7a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Once bankruptcy is declared all your assets will be controlled by a trustee in bankruptcy. They will supervise the sale of your assets that aren\u2019t exempt for example everyday household items, tools you need to do your job, a car if you need it to get to work. The money raised will go towards paying back your creditors. Bankruptcy will end after one year, unless the trustee in bankruptcy is granted an extension by the courts or it will end once all the debt is paid back, whichever is achieved first.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e9868e elementor-widget elementor-widget-text-editor\" data-id=\"3e9868e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h5>Why Instruct OneLaw Chambers for your Civil Litigation Case?<\/h5>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d24af3 elementor-widget elementor-widget-text-editor\" data-id=\"2d24af3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>At OneLaw Chambers, our civil litigation solicitors and barristers regularly assist with many contentious civil litigation cases. We have assisted and represented many clients from all over the world achieving successful outcomes for them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc7e830 elementor-widget elementor-widget-text-editor\" data-id=\"bc7e830\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>OneLaw Chambers has defended the interests of successful individuals, businesses and brands for many years, pursuing matters swiftly and robustly where necessary. With a dedicated team of Civil Litigation Solicitors and Barristers, OneLaw has an established dispute resolution practice acting in complex multi-jurisdictional disputes and is well known in the art, sport, fashion and luxury assets sectors. Specialisms include international arbitration, public international law, tax controversy, media and reputation management, employment and regulatory, professional negligence, board and shareholder disputes, insolvency and fraud.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-10ee07a elementor-widget elementor-widget-text-editor\" data-id=\"10ee07a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our Civil Litigation Solicitors and Barristers fiercely and tenaciously represent you in putting forward the strongest possible case, ensuring that you are always satisfied with the manner in which we represent you and that a successful outcome is achieved in your case without significant cost and expense to you.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27b3996 elementor-widget elementor-widget-text-editor\" data-id=\"27b3996\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>At OneLaw Chambers, our civil litigation solicitors and barristers regularly assist with many contentious civil litigation cases. We have assisted andWe are committed to ensuring that our Civil Litigation Solicitors and Barristers prepare every civil litigation case with utmost quality and skill so that successful outcome is achieved every time. Our Civil Litigation Solicitors and Barristers operate in a friendly and cooperative manner to provide our clients with the best client care and service during the entire civil litigation process. represented many clients from all over the world achieving successful outcomes for them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96a41ca elementor-widget elementor-widget-text-editor\" data-id=\"96a41ca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>TAGS<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e53430d elementor-widget elementor-widget-heading\" data-id=\"e53430d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">You may also like<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-cb6dfcb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb6dfcb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-8f6d811\" data-id=\"8f6d811\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7dc10a elementor-widget elementor-widget-image\" data-id=\"e7dc10a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/threeglogic.in\/onelaw\/wp-content\/uploads\/elementor\/thumbs\/onelaw-chambers-immigration-solicitors-london-defaultimage-1-q5j8hwjqxwzhrwnh9de3sd64i4ax4bwsx3ca0yvrzw.webp\" title=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" alt=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a173104 elementor-widget elementor-widget-text-editor\" data-id=\"a173104\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\">Alternative Dispute Resolution<\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a81eb10\" data-id=\"a81eb10\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1dcb8b6 elementor-widget elementor-widget-image\" data-id=\"1dcb8b6\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/threeglogic.in\/onelaw\/wp-content\/uploads\/elementor\/thumbs\/onelaw-chambers-immigration-solicitors-london-defaultimage-1-q5j8hwjqxwzhrwnh9de3sd64i4ax4bwsx3ca0yvrzw.webp\" title=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" alt=\"onelaw-chambers-immigration-solicitors-london-defaultimage-1\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-636bd65 elementor-widget elementor-widget-text-editor\" data-id=\"636bd65\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"tve-article-cover\"><div class=\"tve-article-cover\"><div class=\"tve-article-cover\">Resolve your Company and Shareholder Disputes<\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-061bb34\" data-id=\"061bb34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div 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Visa<\/a>\r\n                  <\/li>\r\n                  <li>\r\n                    <a href=\"https:\/\/threeglogic.in\/onelaw\/how-to-make-a-summary-judgment-application\/\">How to make a Summary Judgment application to avoid the Time and Costs of a Full Trial<\/a>\r\n                  <\/li>\r\n                  <li>\r\n                    <a href=\"https:\/\/threeglogic.in\/onelaw\/how-to-apply-for-the-uk-high-potential-individual-hpi-visa-the-overseas-alternative-to-the-graduate-visa\/\">How to apply for the UK High Potential Individual HPI Visa \u2013 The Overseas Alternative to the Graduate Visa<\/a>\r\n                  <\/li>\r\n            <\/ul>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Personal Insolvency Home\u00a0 \/\u00a0 Our Legal Services\u00a0 \/ Civil Litigation \/ Personal Insolvency Facebook Twitter Linkedin Facebook Twitter Youtube To be insolvent is not the same as being bankrupt. With careful financial planning and restructuring by financial advisors and legal experts it is possible to get out of insolvency and return to business as usual.&hellip; <a class=\"more-link\" href=\"https:\/\/threeglogic.in\/onelaw\/personal-insolvency\/\">Continue reading <span class=\"screen-reader-text\">Personal Insolvency<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3982","page","type-page","status-publish","hentry","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages\/3982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/comments?post=3982"}],"version-history":[{"count":19,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages\/3982\/revisions"}],"predecessor-version":[{"id":5486,"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/pages\/3982\/revisions\/5486"}],"wp:attachment":[{"href":"https:\/\/threeglogic.in\/onelaw\/wp-json\/wp\/v2\/media?parent=3982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}