Debtors Petition | Bankruptcy InformationDebtors PetitionWhen you decide to make yourself bankrupt you need to petition to your local county court. This is known as a Debtor's petition. You will need to pay the court fee (£140) and deposit towards the administration (£310) of the order. Getting the costs waivered is not very likely. However in some circumstances the fee can be waived, but not the deposit.
The Forms in the Debtors PetitionDebtors Petition FormThis form is mainly aimed at businesses as this is the majority of people who are going bankrupt. The form must be presented at your local county court with Bankruptcy Jurisdiction, unless you ave lived/traded in the area of another county court for most of the past six months. The Statement of AffairsThis form is quite complex and you must provide a lot of information on it. It may take some time to gather the information as you may not have it all to hand. The information required goes as follows:
The court, on receipt of your forms, will arrange for the matter to go to the district judge. Most cases do not result in a hearing. However, should a hearing be arranged you, as the debtor should attend. An IVA may be discussed/considered at the hearing. If an IVA isn't applicable the court will either
If a Bankruptcy Order is made, the process is similar to that of a Creditors Petition. For more information on Debtors Petitions you can Contact Us at Debt Solutions or alternatively contact your local court
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