If you are filing a petition to declare yourself bankrupt, it is important that you seek legal advice.We have insolvency and bankruptcy solicitors with specialist experience and knowledge who can help with your query.
What Is A Bankruptcy Petition?
A bankruptcy petition is a document that declares your wish to be made bankrupt, and it makes up part of the documentation (along with the Statement of Affairs) that has to be submitted to the county court. In this document, you must state your name and current address, employer details and a declaration must also be signed to say that you are unable to repay your debts, as well as any information relating to any previous insolvency solutions that you may have undergone.
A creditor is also able to commence bankruptcy proceedings by way of a creditor’s bankruptcy petition if a person or partnership owes more than £750 and all other attempts to collect the debt have failed. A creditor’s bankruptcy petition is not always suitable and it depends entirely on the particulars of your case, the amount of debt and the alternative options that you have explored as to whether it is a viable option for you.
It is important to note that once a debtor has been declared bankrupt, there are certain restrictions that are applied to them, and they are unable to engage in certain activities, such as becoming the director of a limited company and so on. We are also able to provide advice on the restrictions that will be applied to your once you have been officially declared bankrupt.
Why Do I Need A Solicitor?
A solicitor may be required to offer legal advice whether you are a creditor or a debtor looking to file a bankruptcy petition with the courts. If you wish to get legal advice in relation to a bankruptcy petition or wish to commence legal proceedings, please call Muldoon Britton today. Our expert insolvency solicitors are ready and waiting to offer our advice and help you to reach a solution to your debt problems.