How to petition for your own bankruptcy

Bankruptcy is a serious matter. You do not have to become bankrupt just because you are in debt. Other options may be more suitable for you.

Contact myiva-adviser.com or call 0800 088 7505 for advice.

1. Where can I obtain advice about bankruptcy?

Before you take any action to apply for your own bankruptcy, you should get your own legal or financial advice about bankruptcy and the other options available to you. If you would like more information you can contact myIVA-Adviser.com 0800 088 7505 or click here for our quick contact form

2. What are the alternatives to bankruptcy ?

The alternatives to bankruptcy are:

Administration Order.
Debt Guide: For debts under £5,000 with court judgement.
Pay Guide: No Minimum monthly payment.

Charitable Organisations.
Debt Guide: Temporary or short term problems.
Pay Guide: No minimum monthly payment.

Do It Yourself Debt Solution.
Debt Guide: Temporary or short term problems.
Pay Guide: No minimum monthly payment.

Individual Voluntary Arrangement (IVA).
Debt Guide: For debts over £15,000.
Pay Guide: Minimum monthly payment at least £250.

Debt Management Programme (DMP).
Debt Guide: For debts under £15,000.
Pay Guide: Minimum monthly payment £100.

Managed Vehicle Arrangement (MVA).
Debt Guide: For people who have been refused car credit.
Pay Guide: Minimum monthly payment £100.

Scottish Trust Deed.
Debt Guide: Formal arrangement for people living in Scotland.
Pay Guide: Minimum monthly payment £150.

Remortgage.
Debt Guide: For debts covered by any available equity.
Pay Guide: Set by Lender.

Surrendering Endowments.
Debt Guide: Figure must cover outstanding debt.
Pay Guide: Not applicable.

Secured Loans.
Debt Guide: Secured against property or assets.
Pay Guide: Set by Lender.

Unsecured Loans.
Debt Guide: Loan from family or friends.
Pay Guide: Set by Lender.

Bankruptcy.
Debt Guide: Seek professional advice, use only as a last resort.
Pay Guide: No minimum monthly payment.

3. How do I petition for my bankruptcy?

First, you should get the following forms from your local court which deals with bankruptcy. (Details of which court you should contact are given in section 5.) You can also print these forms off The Insolvency Service website at: www.insolvency.gov.uk. Alternatively you can contact myIVA-Adviser.com 0800 088 7505 who can help you fill them in.

• The petition (Insolvency Rule form 6.27) - this form is your request to the court for you to be made bankrupt and includes the reasons for your request.
• The statement of affairs (Insolvency Rule form 6.28) - this form asks to show all your assets (anything that belongs to you may be used to pay your debts), and all your debts, including the names and addresses of the creditors and the amount you owe to each one. The form contains a declaration of insolvency which you will need to swear on oath before an officer of the court or a solicitor. You may have to pay an extra fee for this (see section 4).

If you are, or were, running a business in partnership (even if there is no formal partnership agreement), you will need different petition and statement of affairs forms. These will also be available from your local court.

You should complete the petition and statement of affairs forms in capital letters, using black ink. Court staff can advise you on procedures, give you the forms you need and help you fill them in. But they cannot give you legal advice.

If you are dealing with a county court, the court will need the completed forms and two copies of each before it can consider your petition for bankruptcy. If you are taking your petition to the High court, you won't need any extra copies.

You can go to the court office and ask for your petition to be dealt with when:

• You have completed both forms;
• Signed and dated the bottom of every page; and
• Have the fees ready (see section 4).

This booklet provides general information only. Every effort has been made to ensure that the information is accurate, but it is not a full and authoritative statement of the law and you should not rely on it as such. The Insolvency Service cannot accept any responsibility for any errors or omissions as a result of negligence or otherwise.

© Crown copyright 2001.
The information in this booklet is subject to Crown copyright protection. Source: 'Dealing With Debt - How to petition for your own bankruptcy' issued by The Insolvency Service in partnership with the Court Service.