How to Apply for Bankruptcy in England
Often seen as the last resort for debtors, bankruptcy has far-reaching consequences that need to be carefully considered prior to filing. With restrictions placed upon filers to prevent a relapse of debt, life after bankruptcy can be almost as difficult. Filing for bankruptcy in England is a multi-stage process which will require the hiring of professionals to navigate the system. As bankruptcy can prevent a person from holding certain jobs, owning property or renting a place to live, it is best to carefully consider the consequences before filing.
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Instructions
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1
Complete form 6.27, the Debtor's Petition. This petition is presented to the debtor's local court with bankruptcy jurisdiction.
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Complete form 6.28, the Statement of Affairs. This is a multi-page form which outlines the petitioner's financial situation including assets and debts.
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Take these forms and two copies of each to the local court with bankruptcy jurisdiction. You will need to pay your fees at this time. The court may decide to hear the petition immediately, schedule a hearing, appoint an insolvency practitioner who will determine an Individual Voluntary Arrangement for payment of debts or issue a bankruptcy order.
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If a bankruptcy order is issued, contact the official receiver with your financial information.
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Tips & Warnings
The Insolvency Service has forms available to be filled out online. There are several alternatives to bankruptcy, including private payment arrangements and Individual Voluntary Arrangements arranged by an Insolvency Practitioner. These options may be less detrimental to credit ratings.
