Filing for Bankruptcy - The Debtors Petition

Person checking bankruptcy petitionIf filing for bankruptcy is your only option don't be scared. It is a relatively straightforward process, though due to it's seriousness, it is important that you explore the bankruptcy alternatives. You may be able to avoid bankruptcy and deal with your debt an alternative way.

If you have any questions about filing for bankruptcy then please feel free to ask (ask piggy).

Filing for bankruptcy in the UK is something you can do yourself by presenting a debtors petition (bankruptcy form) at the High Court in London or at a county court near to where you live. It is very important that you seek advice in advance else your petition may not be successful. The Judge will want to know that you fully understand the consequences before declaring you bankrupt.

Note: If a creditor has filed a petition against you it may still be possible to avoid bankruptcy. Seek advice, you must act quick!
See Bankruptcy advice.

The Bankruptcy Form

Filing bankruptcy requires 2 forms to be completed:Person completing bankruptcy form

Both of these bankruptcy forms are available free of charge from your local county court or online at the insolvency service website. The forms can also be completed online, which will help the bankruptcy process.

The Cost of Filing Bankruptcy

Unfortunately filing for bankruptcy costs.

Each married couple pays a separate fee.

Filing Bankruptcy at Court

Judge at bankruptcy courtOnce the forms have been completed and you have the appropriate fees you are ready for filing bankruptcy at court. It is advisable to contact your local county court and book an appointment.

See also Bankruptcy Court.

Filing Bankruptcy - The Creditors Petition

It is important to realise that one or more of your creditors who are owed at least £750 or more by you, and that amount is unsecured, can present a creditors petition to start the bankruptcy process.

If a creditor has started proceedings a bankruptcy order can still be made even if you do not agree.

If this is the case then seek Bankruptcy Advice immediately. You may be able to stop this action but you must act quick!

Just ask Piggy
If you cannot find what you are looking for then try asking Piggy Bankrupt - Ask Piggy
Avoid Bankruptcy

Through an IVA you may be able to avoid bankruptcy. Visit the IVA Centre

Bankruptcy Advice
Seeking advice is the most important step in dealing with debt. For a list of places offering free debt help visit the Advice section.
Piggy's Bankruptcy Journey
Visit Piggy's Bankruptcy Blog to read what bankruptcy was like for Piggy Bankrupt.

As featured in the Guardian newspaper this very honest account describes his experience.
Bankruptcy Links