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Debtors Petition | Bankruptcy Information

Debtors Petition

When 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 Petition

 

Debtors Petition Form

This 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 Affairs

This 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:

• Mortgage Details (if applicable)
• Secured Loans Details (if applicable)
• Value of any other property/ies
• All creditors (alphabetised)
• All unsecured debts (must include any joint debts)
• Do not include shortfall due to secured creditors, as previously already covered
• Vehicle information
• Assets Information
• Enter any ongoing court action from your creditors

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

• Make a Bankruptcy Order
• Dismiss the Petition - if assets exceed liabilites
• Adjourn the Petition - if the debts are not legally enforceable
• Stay the petition - if an alternative way of dealing with the debts would be more appropriate

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

Bankruptcy Questions...

• What is Bankruptcy?
• What will happen to your House?
• What will happen to your Pension?
• What will happen to your Bank Account?
• Can your Bankruptcy be Cancelled?
• How to Avoid going Bankrupt?

How to Avoid Bankruptcy

Click here to learn How to avoid going Bankrupt using our bankrutpcy alternatives.

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