Call Us Free: 0800 088 2208
Follow Us:

Bankruptcy Petition

Big or small, every debt problem can be solved

bankruptcy petition

Bankruptcy Petition

This section covers the questions you are most likely to want answered about what will happen to if file a bankruptcy petition or if you have received a creditors bankruptcy petition.

There are three ways a bankruptcy petition can take place in the UK:

  • You can petition for bankruptcy, known as a debtor’s petition
  • A creditor’s petition, for a creditor to apply for a bankruptcy order to be made against you
  • A supervisor’s petition, which your supervisor in an IVA would use

Please note that if you are being threatened with bankruptcy then you must act quickly. Our team of advisors can protect you from bankruptcy.

Take our debt test to find out how we could help >

Filing your bankruptcy petition

To file your bankruptcy petition you must be in a position where you are unable to repay your debts. This is shown by submitting a statement of affairs with your petition form at court. The statement of affairs is a detailed decription of your current financial position

The court can dismiss your petition if your forms not being completed in the required format. See how to go bankrupt for more information.

When deciding if you are unable to repay your debts the court will usually look at whether your liabilities exceed your assets. This is often complicated as negative equity, mortgage shortfalls and personal guarantees will have to be taken into account also. You may also be in the position where your assets are more than your liabilities but you are unable to release the value in these assets to repay your debts. This could mean that you meet the grounds to petition for your bankruptcy.

The Court may refer the case to an Insolvency Practioner in the case where the possibility of an IVA being be more appropriate course of action needs consideration. You can check to see if you may qualify for an IVA as an alterative to bankruptcy by taking the IVA test.

You should therefore explore all alternative solutions, and seek expert advice before petitioning for your bankruptcy.

Our panel of specialists can quickly advise you if you have received a Bankruptcy Petition or are considering bankruptcy. Simply call the team on 0800 088 2208. Alternatively take the online bankruptcy test and find your best solution.

  • Last updated 03 October 2015

no credit on prepayment meter

What to do if your prepayment meter has run out of credit

  • by Admin
  • June 23, 2015

This guide explains what you should do if your pre-payment meter for gas or electricity runs out of credit....

Read


phillips cohen associates

How to deal with a Debt Collection Letter from Phillips & Cohen Associates

  • by Admin
  • June 22, 2015

Have you received a letter from Phillips & Cohen Associates. In this guide we'll show you a common letter they send, the tactics they use and how to deal with...

Read


attachment of earnings

A Guide To An Attachment of Earnings Order

  • by Admin
  • June 23, 2015

Have you received a letter threatening an attachment of earnings. In this guide we explore what an attachment of earning order is, how they work and how to defend...

Read

Call the Money Advice Online Team:

debt helpline 08000882208

0800 088 2208

(freephone, including all mobiles)

Find Out What Debt Help You Qualify For?


PERSONAL GUARANTEE: Your details will be kept confidential. We will NEVER pass your details on to third parties unless you ask us to. We NEVER cold call or cold text.

More info on hoax calls

Latest Tweets

Latest testimonial

Fantastic,they are life savers.

I Contacted them at 5 pm on a Thursday night,they arranged a meeting Friday morning with all the relevant bodies their because my case was the following Monday .I can't sing their praises high enough they contacted the courts same afternoon. Fantastic response, I avoided bankruptcy on the Monday and was given time to arrange an Iva. I risked losing my home,my mother and fathers home all hope seemed lost until I made that fateful phone call. I can now sleep at night.

Darren

Join 100,000s of Money Advice Onliners who read our WEEKLY email. Get our round up of ALL the best money saving tips, best buys, discount vouchers and competitions. Don't miss out!

* indicates required

We hereby promise to be responsible emailers.

Contact Us
  • Address: 20-22 WENLOCK ROAD LONDON ENGLAND N1 7GU
  • Phone: 0800 088 2208
  • Email: [email protected]
  • Monday - Friday: 8:00 am - 9:00 pm
    Saturday - Sunday: 10:00 am - 4:00 pm
Say Hello
Made with in Manchester
© 2015 Money Advice Online Ltd company no. 09554412 (Registered in England and Wales). ICO registration no. ZA116663 All right reserved.

Money Advice Online are a comparison service that acts as an introducer to companies who offer regulated financial advice (FCA approved). Money Advice Online does not provide any advice and we are not liable for any financial advice provided by, or obtained through a third party. As with any investment, the value of investments can fall as well as rise and maybe worth less than what was paid in. Past performance is not an indicator of future results. Money Advice Online does not provide any regulated debt activates in relation to debt counselling or adjusting. You can also get free impartial debt advice by following this link to the Money Advice Service.