Bankruptcy Petition

A Bankruptcy petition is what is presented to the court seeking an order for your bankruptcy.

This bankruptcy petition is usually presented either:

• By you (debtors bankruptcy petition); or
• By one or more creditors who are owed at least £750 by you (creditors bankruptcy petition).

A bankruptcy order can still be made even if you refuse to acknowledge the proceedings or refuse to agree to them. You should therefore co-operate fully once the bankruptcy proceedings have begun. If you dispute the creditor's claim; you should try and reach a settlement before the bankruptcy petition is due to be heard. Trying to do so after the bankruptcy order is made is difficult and expensive.