There are unfortunate times when an individual or business needs to declare bankruptcy. Of course, the procedure can be quite involved and it will normally take a certain amount of time. There are nonetheless a number of forms which need to be downloaded and understood in order to expedite the entire process. What are some basic documents that are required?

First Steps

If you have found that all of your other options are exhausted, the initial item that should be downloaded is known as Form 6.27 (Debtor’s Bankruptcy Petition). This can be found directly through the governmental website of the United Kingdom. Once this is obtained, a second paper known as Form 6.28 (Statement of Affairs) will be necessary.

Business Concerns

It is not uncommon for a business owner to declare bankruptcy if he or she has fallen upon hard times. As would be expected, this process will be slightly different. Many experts recommend that the owner should first speak with a qualified solicitor that is experienced in the field of insolvency. This is perhaps the best way to appreciate the different forms that may be required. However, there are still some basic areas that may need to be addressed. These can include:

• Administration forms.
• Receivership forms.
• Liquidation forms.
• General insolvency forms.

As before, the bulk of these documents can be procured directly through the online governmental portal.

Next Steps

Of course, there many be additional forms that are required depending upon one’s unique situation. Once these are all submitted and checked for errors, another document is sent from the “official receiver”. This is actually an officer from the bankruptcy court who has been assigned to your individual case. It is not entirely uncommon for this letter to contain a summons that asks you to attend a preliminary interview before the main processes begin. In some cases, further documents that are in the form of questionnaires could be necessary. This will depend upon your reasons for filing as well as if the petition revolves around personal or business matters. Some other information that will be asked for can include:

• Declarable Assets
• Income
• Outstanding Debts
• Creditors

All of these issues can be addressed with the help of a qualified solicitor. The process of declaring bankruptcy is convoluted and for this reason, it is always wise to review all of the required forms before taking any further steps.