Can you apply for Bankruptcy yourself?
Yes – Unlike IVA’s should your feel Bankruptcy is the only option, you can file for Individual Bankruptcy yourself. You can either apply for the paperwork from the county court where you live, fill it in and file it with the court yourself, or alternatively allow our appointed Insolvency Practitioners do it for you.
You can find your local court office by calling the Court Enquiries line on 0207 210 2266 or by looking under "court" in your local phonebook. You will need to speak to the bankruptcy clerk and ask them to send out the forms for you to fill out (also known as petition papers). These should include a bankruptcy petition form and statement of financial affairs form.
To apply it costs around £150 court fee* (which could be waived if you are on income support) and around £317 administration fee* in the UK.
You will then need to fill them in and take the original plus two copies to the courts and swear an affidavit stating you are telling the truth. The court will then fix a date for a hearing, usually in a couple of weeks time to give you time to ensure you cannot find a solution.
However bankruptcy is a serious matter and can have some serious repercussions. If you would like our specialists to check whether bankruptcy is the only debt solution and would prefer them to do it for you then complete our online enquiry form.
Involuntary Bankruptcy
This is where any creditor or group of creditors are owed more than £750 can seek that you are made bankrupt. The first you know about their intention is by receiving a Statutory Demand asking for payment within 3 weeks or they may file for Bankruptcy. This course is normally only reached after having issued, letters, default notices and probably County Court Judgments CCJ to you. Therefore if you receive one of these it is only normally because you have ignored all other attempts to resolve the matter.
Can Bankruptcy be annulled?
Yes it can, under the following circumstances;-
1. The Bankruptcy order should not have been made in the first instance. e.g. The proper steps to obtain the order were not followed.
2. All your Bankruptcy debts and the fees and expenses of the Bankruptcy proceedings have been either paid in full or guaranteed to the satisfaction of the court.
3. It becomes possible to create an Individual Voluntary Arrangement IVA.
