If you want to be made bankrupt, you will need to file a bankruptcy petition. This can be done by completing an online bankruptcy application form. This will be your official request to declare bankrupt. You do not need to attend a court to file a bankruptcy petition. This article explains everything you need to know about filing a bankruptcy petition.
What happens after filing a bankruptcy petition?
If you can not go online, you can go to your local county court to get the necessary paperwork. Once you have completed the paperwork or forms and asked for a bankruptcy hearing. You take the form and cash to the hearing and after spending a few minutes before the court a bankruptcy order will be made.
How long does a bankruptcy petition take?
The answer is not very long if you’re are going to petition for bankruptcy yourself. All you need to do is complete the forms and go to court to get the bankruptcy order. If on the other hand, one of your creditors brings a bankruptcy petition against you and you owe more than £750, they will serve you with a statutory demand. You will have to pay this amount within 3 weeks. And if you can’t pay this, your creditor can issue a petition to make you bankrupt.
Cost of a bankruptcy petition
There is a fee associated with going bankrupt, £175 in court fees (which can be remitted if an individual is receiving certain benefits) with a further £525 with the petition itself. If you are on a low income or a qualifying benefit you may be entitled for your fee to be reduced to £525 (in England, Wales and N.Ireland).
Defending a bankruptcy petition
An individual can ask for a bankruptcy petition against them to be adjourned if he/she has a good reason to do so. A petition can only be adjourned through the courts.
Need more information?
For more information on applying for bankruptcy, please see our article on declaring yourself bankrupt in the UK. You might also want to see our article on options in bankruptcy to see whether bankruptcy is suitable in your situation.