There are two ways in which you can be made bankrupt, the first is by someone who you owe money to making you bankrupt and the second is making yourself bankrupt.
The only way that someone can make you bankrupt is if you owe them more than £5,000 and that the debt is not disputed.
A creditors bankruptcy petition can be presented once a statutory demand has been served and if you have not paid within 21 days then a bankruptcy petition can be issued without further notice.
Once a bankruptcy petition has been issued you will be informed of the court date and time which has been set for a Judge to hear the petition who can then make a bankruptcy order.
If you have been served with a statutory demand or bankruptcy petition you need to take action now. Contact us today to discuss if we can help you avoid bankruptcy.
If you have made the decision to make yourself bankrupt (after all the available options have been explored) then this can be done by going to your local county court which has a bankruptcy clerk.
Should you require any insolvency live chat to us now (if we are online) or contact us.