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If you owe money and you cannot pay it, you may;

1. Make yourself, or
2. Be made bankrupt

Bankruptcy is not necessarily the only option.

Seek advice specific to your situation from our advisors.

1.         If you make yourself Bankrupt

1. You need form 6.28 and Form 6.29.  Once completed file this in court.
2. You will need to pay a court deposit and court fee (Currently £240 + £150)
3. The Court will then “Stamp” your own Petition and you will be bankrupt.
4. Your bankruptcy file will then be passed to the Official Receiver

2.         If you are made Bankrupt

1. Someone you owe more than £750 can make you bankrupt.
2. They will normally have a Judgment against you or have issued a Statutory Demand.
3. First they raise a bankruptcy Petition in Court against you.  This has to be served on you to give you notice of a court hearing.
4. You may pay, contest the petition, compound or satisfy the debt.  You may also attend the hearing.
5. At the hearing, if you have not paid or otherwise agreed a deal with the Creditor the Court may award a bankruptcy Order against you.
6. You will then be bankrupt and your bankruptcy file will be passed to the Official Receiver.

You may still have the option of an Individual voluntary Arrangement at this stage.

Call us now on 0800 107 00 50