Before planning to do anything, it is best to do as much research as possible. Examine the alternatives you have and get bankruptcy advice from an Insolvency Practitioner. You will then have a better idea if Bankruptcy is your best option. The Court will ultimately determine whether you are made bankrupt. This happens after a petition has been presented to the Court by you or by your creditors.
The Official Receiver, who is a civil servant and an Officer of The Department for Business, Enterprise & Regulatory Reform, (BERR), will require full details of your finances and may ask you for a face-to-face interview.
Next, if you have any assets, he will call a meeting of your creditors during which he explains your financial circumstances, what assets you have and any disposable income. If you have any assets that can be sold to repay your creditors, they will appoint a Trustee, or Insolvency Practitioner, to deal with this process.
If you have extra income available to you, the Trustee or Official Receiver will ask the Court to make an Income Payments Order, which will be enforceable for three years. Even if you are discharged after one year, this order will still be in effect.
All utility suppliers and landlords will be notified of your new financial situation
