Debtors Petition

 

A debtor may petition for his own bankruptcy by presenting a debtor's petition to the court. In the petition, the debtor must allege that he cannot pay his debts. The debtor must also set out a statement of his affairs detailing all his creditors, debts, liabilities and assets.

A debtor may petition for his own bankruptcy in order to escape pressure from creditors. By doing so, the debtor places responsibility for his financial affairs in the hands of the trustee in bankruptcy (an insolvency practitioner). Any existing creditors will then deal directly with the trustee in bankruptcy rather than the debtor. When a debtor's petition is made to the court, the court will sometimes appoint an insolvency practitioner to investigate the possibility of the debtor entering into a voluntary arrangement with creditors.

The usual period of bankruptcy is one year, though a bankrupt may be discharged in less time in the event that that the person in charge of the bankrupt's assets and liabilities, files a notice stating that further investigation into the bankrupt's conduct and affairs is unnecessary.

If you would like to obtain legal advice on making a debtor's petition for bankruptcy or about a debtor's petition in general, Caven can put you in touch with a local specialist personal insolvency solicitor free of charge. So, if you have any questions or would like our help in finding local personal insolvency solicitors please call us on 08001 221 2299 or complete the web form above.

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