UK Bankruptcy - information and advice

How does bankruptcy come about and what causes it?

Once a bankruptcy petition has been presented, a Court can make a bankruptcy order. This is usually presented in one of two ways:

A Debtor's Petition
A Debtors petition is presented by yourself.

A Creditors Petition
If you owe at least £750 to any of your creditors, they can apply for a Creditors' Petition.

Bankruptcy petitions - What if I don't agree with it?

If you refuse to acknowledge or agree to a bankruptcy order, one can still be made regardless. Once the bankruptcy proceedings have actually started you should co-operate. If, because you dispute the creditors' claims, you want to try and reach a settlement, you should attempt to do this before rather than after the bankruptcy order is made because trying afterwards can be very difficult and considerably more costly.  Get FREE debt help you today!

Are there any benefits to personal bankruptcy and what are these benefits?

Bankruptcy allows individuals to make a fresh financial start to their lives after finding themselves trying to deal with overwhelming debt and being refused loans. Bankruptcy is not the only way to deal with large debt and is also subject to some restrictions. It does however, ensure that your creditors receive a fair share of your assets at the point of bankruptcy. This is a process that can be applied to individuals including individual members of a partnership. There are different procedures available for dealing with companies and partnerships.

Bankruptcy petitions are usually presented either at the High Court in London or a County Court near to where you live or trade.  A petition can be presented against you even if you are not present in England or Wales at that time, providing you normally live in, or have a recent residential or business connection with, England or Wales.

Get FREE IVA advice before Bankruptcy, it is another option sometimes to clear debt!