Bankruptcy Petition
Subscribe to Newsletter +A bankruptcy petition is a form that either a debtor or creditor would present to the court in order to start bankruptcy proceedings.
If you want to petition for your bankruptcy then you would need to present a debtors petition on the grounds that you are unable to repay your debts. The bankruptcy petition for will need to be accompanied by a statement of affairs, which details your financial position to prove that you are unable to repay your debts.
On the bankruptcy petition you will need to detail:
- Your name and address
- Trading details or occupation
- A Statement that you are unable to repay your debts
- A request that you are made bankrupt
Who can present a bankruptcy petition?
Either you or a creditor who you owe more than £750 can present a bankruptcy petition.
Will your bankruptcy petition be successful?
The success of your bankruptcy petition will depend on:
- Whether you meet the grounds for bankruptcy
- Whether the court determines that the feasibility of an IVA needs to be investigated
See bankruptcy court for more information.
When should you petition for bankruptcy?
Clearly you can only petition for bankruptcy when you can meet the court costs. Further to this you may wish to give consideration to the day that you get paid. At the date of your bankruptcy order your bank account will probably be frozen and you will still have continuing obligations such as rent, mortgage and household bills to meet. See bank accounts for bankrupts for more information.
What will it cost to present your bankruptcy petition?
For costs of petitioning for bankruptcy see the filing for bankruptcy page.
What happens when you present the bankruptcy petition?
Your bankruptcy petition and statement affairs will first be checked by a clerk and then be viewed by a judge. You will then probably be taken to see the judge who will let you know the outcome of your petition. See bankruptcy court for more information.
