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Bankruptcy Process

(For bankruptcy information specific to Scotland, go here)

A court can declare you bankrupt after it has been presented with a bankruptcy petition either by yourself or a creditor.

You can file your own bankruptcy petition by downloading and filling out the form at the government insolvency website or alternatively you can obtain one by visiting your local county court. Contact your county court first to make sure they have bankruptcy jurisdiction.

When the form has been filled out take it to your local county court. You will normally have to pay a fee of £150 to process this paperwork but this fee can be waived if you meet certain criteria of non-payment.

You will also have to pay a fee of £345, which is taken as a deposit for the work of the Official Receiver. This fee is payable in all circumstances and will be required to process your request.

If you owe creditors an unsecured debt of over £750 they are legally entitled to present you with a bankruptcy petition. In this instance you have to fully comply with the petition even if you dispute it. It is very wise in these cases to try very hard to make a settlement before the hearing date of the petition. Failure to promptly do so will result in more costs and complications.