You can file a Petition in Court yourself. Forms are available from your local Court, or you can download them from the Government web site www.insolvency.gov.uk. You can be made bankrupt by any creditor to whom you owe £750 or more.

Creditors are unlikely to make you bankrupt. It will cost them money, and will not result in them being treated any better than any other creditor. However, your creditors will continue with letters, telephone calls and even visits. They may obtain a County Court Judgement (CCJ) which they could enforce by sending in the bailiff. Bankruptcy would prevent this.

You must contact the Official Receiver's office. They will decide whether to deal with you directly or to appoint an Insolvency Practitioner to act as your Trustee. They will want details of your current bank accounts, as they will look to freeze them. If you have a current account where your salary is paid, tell them. As long as the sum in the account is not unreasonable for your living expenses, they may allow you to continue with that account. Most banks and building societies will not allow you to retain an account with them while you are bankrupt. There are three who currently will: Nationwide FlexAccount Cash Card Barclays Cash Card Account Co-operative Cashminder Open a new account before filing for bankruptcy to avoid any delays that may leave you unable to pay important bills

Your interest in any property is said to 'vest' in your Trustee. Your Trustee will have control over your interest and must deal with it within three years, or it returns to your control. If you hold the property jointly, possibly as the family home, the rights of the co-owner would normally override the right of your Trustee to sell. However, after 12 months your Trustee can force a sale. He will initially offer the property to the co-owner, and in many cases it is possible to negotiate a mutually acceptable figure.

Notice of your bankruptcy will be published in the London Gazette, and in a local paper. During the tax year in which you are made bankrupt, you will pay no PAYE. Your employer will therefore receive a notice of change of coding from the Inspector of Taxes.

In most cases, your pension scheme cannot be attacked by your Trustee.

Some employments will not be open to you while you are bankrupt. Check your contract of employment. Consult your Union, or your Staff Welfare Officer. You cannot be a Company director without the approval of the Court. You would need to have a very strong reason to be allowed to continue.

Not usually. If you have only the 'normal' household goods, there is no attempt to take them. If you have an item of particular value, eg antique furniture, this would be sold and you would receive an allowance to purchase a basic replacement.<

Yes. For a period of three years, you may be required to make a monthly payment equivalent to about 60% of your surplus income.

I'm self employed: Can I continue to trade while bankrupt? Difficult but not impossible. Problems would arise regarding a bank account and obtaining credit. It may prove impractical, and you would possibly have to consider being an employee for the period of your bankruptcy. Will it affect my business? Some employments will not be open to you while you are bankrupt. You will need to check with your professional body. What will happen to my business assets? You are entitled to retain the tools of your trade, but these would be quite restrictively interpreted. Your other assets will be sold. What will happen to my staff? With effect from the date of your Bankruptcy Order, all contracts of employment are terminated. Employees will be entitled to lodge claims with the Redundancy Payments Service. They will make payments to employees in respect of arrears of wages, holiday pay, redundancy pay and pay in lieu of notice. They will base their calculations on the lower of normal weekly wage and £270. They will stand as your creditor in the place of your employees.

You cannot take credit in excess of £500 without telling the person lending you the money that you are an undischarged bankrupt. Any windfall, eg legacies and lottery wins, during the bankruptcy would have to be paid to your Trustee.

If this is your first bankruptcy, you will receive an automatic discharge within a maximum of 12 months. If you want a certificate, it will cost you £60. If creditors have received any monies from your assets, this is in full and final settlement of their claims. There are a few creditors that can continue to pursue you after bankruptcy. These include debts in respect of fines and fraud, and any lump sum order made against you in divorce proceedings. Remember that although it is possible to have a bankruptcy 'annulled', which in effect clears you record as if it had never happened, it can be VERY EXPENSIVE. Before you file for bankruptcy, make sure you have considered the alternatives, and the impact it will have on you.