Copyright 2006 The Debt Free Student
How to declare bankruptcy
Recommended bankruptcy specialists
You can declare yourself bankrupt. This is known as a debtor's petition. To do this you must contact the nearest county court that deals with bankruptcy (your local court will tell you where) You will have to pay a £150 court fee and £325 deposit.
Alternatively, your creditors will declare you bankrupt (creditors' petition). If you owe people £750 or more they can make a creditor's petition for your bankruptcy at a County Court.
Your case will be dealt with by either the Official Receiver - a civil servant who will act as a trustee for your estate, reporting both to court and to your creditors - or an insolvency practitioner - licensed accountants or solicitors who can be appointed as trustee instead of the Official Receiver.
Alternatively, your creditors will declare you bankrupt (creditors' petition). If you owe people £750 or more they can make a creditor's petition for your bankruptcy at a County Court.
Your case will be dealt with by either the Official Receiver - a civil servant who will act as a trustee for your estate, reporting both to court and to your creditors - or an insolvency practitioner - licensed accountants or solicitors who can be appointed as trustee instead of the Official Receiver.
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