Bankruptcy (with a few exceptions) lets you write off debt that you can not pay and allows you to start a fresh, with a few limitations. You can be declared bankrupt in one of two ways:
- By debtors' petition - This is used if you wish to make yourself bankrupt, by contacting your local court you will be able to find out information on the nearest court to you that deals in bankruptcy.
- By creditors' petition - Creditors can raise a bankruptcy petition against you when you owe them £750 or more. They then present the bankruptcy petition to the high court on London or your local county court.
