You’ll be declared bankrupt when the court issues you with a bankruptcy order. Before the courts can do this they must be presented with a bankruptcy petition. The bankruptcy petition can come from either the creditor (money lenders) or the debtor (you).

How to obtain a bankruptcy petition yourself

To get a debtors petition application form please call Debt Advisory Line and speak to one of our friendly customer service team. They’ll be able to talk you through the process of bankruptcy and assess your circumstances.

Did you know there may be other ways to repay debts, such as an IVA or debt management plan? These services do far less damage to your credit rating and create fewer problems when obtaining credit in the future. They can help you repay your debt in as little as 60 months.

Call Debt Advisory Line FREE now on 0800 157 7254 or take our online debt test.

Bankruptcy charges

If you’ve decided bankruptcy is your only option and have obtained the relevant petitions, you should then take the completed forms to your nearest county court. There will be a £150 fee payable, although this can be waived if you fulfil specific criteria.

You will also have to pay a deposit of £345 for the official receiver’s work which must be paid.

A creditor’s petition

Your creditors can present a creditor's petition if you owe them an unsecured debt of over £750.

If you owe unsecured debt of over £750 your creditors can present a petition. Even if you dispute this claim you must co-operate with proceedings once they have started so most people try to reach a settlement beforehand.

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