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The Process of Bankruptcy

You can always check for the procedure that leads to bankruptcy by asking your local County Court. You may have to wait in line but if you go to High Court you won’t be made to wait as long.
You will be provided with two documents: The Bankruptcy Petition (Insolvency Rules 1986 form 6.27) and The Statement of Affairs (Insolvency Rules 1986 form 6.28). The first one is your petition for bankruptcy and the second deals with your assets and gives contact details of you creditors. The last one will have to be delivered under oath.
You will have to pay a fee for declaring yourself bankrupt. If you are in a joint bankruptcy with your life partner you will both have to pay court fees.
After you complete the original forms the court clerk will register your fee and will witness your petition document. The District Judge will then have a discussion with you and explain to you what bankruptcy means and he will ask you if this is what you really want.
The period of one year of your bankruptcy order will be decided by the Official Receiver. In some cases this period may be shorter or longer than twelve months.
Then it will be decided which of your assets will be sold off.
You are advised to look into other options such as IVAs or debt management plans before jumping into bankruptcy.

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