How to Declare Yourself Bankrupt

Start the process by filing a Bankruptcy Petition

If you would like information and guidance on how to declare yourself bankrupt please call 0800 074 6918 or complete the following form yourself by clicking here

To declare youself bankrupt is an option that often has to be considered when you cannot pay your debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order. In the UK to declare yourself bankrupt should be considered as a last resort after considering an IVA or a Debt Management Programme.

If you want to declare yourself bankrupt you have to start the process by filing a Bankruptcy Petition. If you file for bankruptcy yourself, the bankruptcy petition is called the Debtor's Petition. The Court will post blank copies of these documents to you free of charge.

Alternatively, these forms can also be downloaded from the internet using the following website links:

• http://www.hmcourts-service.gov.uk/courtfinder/forms/form6-27_0602.pdf
• http://www.hmcourts-service.gov.uk/courtfinder/forms/form6-28_0405.pdf

Although to declare yourself bankrupt has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases. The UK Insolvency Helpline advise reading the following section to understand the process to declare yourself bankrupt.

Bankruptcy Order

Once a Bankruptcy Order has been made then an Official Receiver is nominated to look after your affairs. The Official receiver is a civil servant and an officer of the Court. If you want to declare yourself bankrupt then you will be asked to attend an initial meeting with the Official Receiver. The Official Receiver will decide the following things:

• How long the Bankruptcy will last. This will normally be 12 months although the Official Receiver has discretion to shorten or lengthen this.
• If you can afford to make a monthly payment towards your debt and if so how much (known as an Income Payment Order which will normally last 36 months).
• If you have any assets or property, how these will be treated. I.e. if and when they will be sold to realise the asset value for the creditors

If you would like any further information and advice regarding how to declare yourself bankrupt in the UK and the possible alternatives of declaring bankruptcy, please contact Money Advice Direct bankruptcy team on 0800 074 6918. The service can advise on all aspects of going bankrupt including the Disadvantages of going Bankrupt, How to declare yourself Bankrupt, How to Avoid Bankruptcy and the Effects of Bankruptcy.

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