Bankruptcy Petition
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Bankruptcy Petition
This section covers the questions you are most likely to want answered about what will happen to if file a bankruptcy petition or if you have received a creditors bankruptcy petition.
There are three ways a bankruptcy petition can take place in the UK:
- You can petition for bankruptcy, known as a debtor’s petition
- A creditor’s petition, for a creditor to apply for a bankruptcy order to be made against you
- A supervisor’s petition, which your supervisor in an IVA would use
Please note that if you are being threatened with bankruptcy then you must act quickly. Our team of advisors can protect you from bankruptcy.
Filing your bankruptcy petition
To file your bankruptcy petition you must be in a position where you are unable to repay your debts. This is shown by submitting a statement of affairs with your petition form at court. The statement of affairs is a detailed decription of your current financial position
The court can dismiss your petition if your forms not being completed in the required format. See how to go bankrupt for more information.
When deciding if you are unable to repay your debts the court will usually look at whether your liabilities exceed your assets. This is often complicated as negative equity, mortgage shortfalls and personal guarantees will have to be taken into account also. You may also be in the position where your assets are more than your liabilities but you are unable to release the value in these assets to repay your debts. This could mean that you meet the grounds to petition for your bankruptcy.
The Court may refer the case to an Insolvency Practitioner in the case where the possibility of an IVA being be more appropriate course of action needs consideration. You can check to see if you may qualify for an IVA as an alterative to bankruptcy by taking the IVA test.
You should therefore explore all alternative solutions, and seek expert advice before petitioning for your bankruptcy.
Our panel of specialists can quickly advise you if you have received a Bankruptcy Petition or are considering bankruptcy. Simply call the team on 0800 088 2208. Alternatively take the online bankruptcy test and find your best solution.
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