A bankruptcy petition is a document filed with the courts which petitions for a bankruptcy order to be made.
To petition for bankruptcy, you must submit the correct petition forms to the court. You must also submit a statement of affairs that shows all assets you own, and which also requires you to swear an oath before an officer of the court or solicitor.
These forms can be filled out and submitted online, but will also have to be printed and taken to the court.
Filing a bankruptcy petition
Both debtors and creditors can petition for bankruptcy.
Once you have signed and submitted all the forms and have paid the fees that are required to declare bankruptcy, you can go to the court and request that they deal with your bankruptcy petition.
If you own a business through a partnership and all those involved wish to file bankruptcy, this will have to be done separately and with different petition and statement of arrears forms.
Often, the courts will recommend that a bankruptcy petition be dealt with through an IVA, especially if debts are below £20,000 and if it seems appropriate for the debtor.
But, if an IVA isn't applicable to you, the court can make a bankruptcy order or dismiss or adjourn the petition.
More about debt services
Filing a bankruptcy petition can be a confusing process. Before you embark on declaring bankruptcy, make sure you know the pros and cons of the process.
Seek advice from a qualified debt help specialist who can help you with your bankruptcy petition.
Legal Advice Helpline has more information on debt help, including information on debt management plans, debt consolidation loans and more.