What is a bankruptcy petition?

Posted on 16/11/2012 by
A bankruptcy petition is basically an application for your bankruptcy. You can apply for your own bankruptcy (known as a debtor's petition), or your lenders may petition for you to be made bankrupt (a creditor's petition).

If you're thinking about applying for bankruptcy, it's worth getting advice. We can help you apply - or there may be another solution that helps you avoid bankruptcy. Get in touch for help from one of our expert advisers, or click below to find out what help may be available to you.

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Remember this is only a guide - you shouldn't make your mind up until you've discussed your options with one of our expert advisers.

Who can petition for bankruptcy?

To go bankrupt in Scotland you must:

• Have debts over £1,500.
• Live in Scotland, or have lived in Scotland at some point during the last year.
• Not have been declared bankrupt in the last five years.
• Be able to pay the application fee (£200).

If you think you may qualify and you want to go ahead, request a free call back and we'll help you get started.

How do I petition for bankruptcy?

If you meet the above criteria, you can fill in the forms on the Accountant in Bankruptcy's website, which you can find here. If you're unsure about anything, talk to one of our advisers, who can guide you through the forms. Click here to contact us if you're not sure about anything.

What if bankruptcy isn't right for me?

If you seek financial advice and find that bankruptcy is not the best solution for your circumstances, we can help you find a more suitable solution.

For example, it may be that you can repay more of your debts by entering into a Protected Trust Deed. This involves repaying as much as you can towards your unsecured debts in affordable monthly payments, usually over three years - after which any remaining unsecured debt is written off. An advantage over bankruptcy is that homeowners won't be at risk of losing their home (although they may have to release some of the equity in their home).

Note that as with bankruptcy, this will have an impact on your credit rating for six years.

You can find out more about different debt solutions in Scotland by clicking here.
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