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BANKRUPTCY ADVICE SERVICE
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    Bankruptcy Petition
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    Statutory Demands
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    Official Receiver
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    Your Bankruptcy Hearing
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    Debts Excluded from Bankruptcy
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    Your Assets
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    Your Property
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    Your Car & Bankruptcy
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    Bank Accounts
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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.

Our team of specialists are here to help you find an alternative to Bankruptcy or to assist with your Bankruptcy application. You can call our helpline on 0800 088 2147 or simply the online test to check if you qualify. Find out if you qualify for an IVA
Apply for Bankruptcy online

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.

Expert help and advice when you need it most

Our panel of specialists can quickly advise you if you qualify for an IVA,
Debt Management Plan, Trust Deed as an alternative to bankruptcy.
Simply call the team on 0800 088 2147.
Alternatively take the online debt test and find your best solution. Find your best solution with the online debt test

Bankruptcy Alternatives

Become stress free from as little as £100 pcm
With a Debt Management Plan you could simply pay one affordable monthly payment and no longer have to deal with your creditors..
See if you qualify  DMP eligibilty test
 
Write off up to 70% of your debt
If you qualify for an IVA you could:
Write off up to 70% of your debt
Freeze all interest & charges
Keep your house

See if you qualify  IVA eligibility test
 
Scottish Resident?- be debt free in 36 months
Be DEBT FREE in 36 months using Scotland's answer to the IVA.
See if you qualify  Trust Deed eligibility test
 
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DebtAdvice-Online.co.uk does not charge you any fees for our service, however the partners we work with help fund the DebtAdvice-Online.co.uk service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

 
 
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Bankruptcy

Bankruptcy Test
What is bankruptcy?
Effects of bankruptcy
Disadvantages of bankruptcy
Bankruptcy costs
Alternatives to bankruptcy
Bankruptcy petition
Official Receiver
Bankruptcy hearing
Debts excluded from bankruptcy
Bankruptcy and assets
Bankruptcy and your home
Bankruptcy and your car
Bankruptcy and your pension
Bankruptcy and bank accounts

IVA's

What is an IVA?
How does an IVA work
IVA vs bankruptcy
Benefits of an IVA
Do I qualify for an IVA?
Trust Deeds

What is an PTD?
How does a PTD work
PTD vs bankruptcy
Benefits of a PTD
Do I qualify for a PTD?
Debt Management

What is a DMP
DMP vs bankruptcy
Do I qualify for a DMP
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