This is a personal decision, greatly influenced by the amount of serious debt and your ability to meet the original payments or pay the full amount. Being hassled by creditors when you are broke is nerve-wracking for starters. Secondly, the decision to petition should not be made solely to stop demanding creditors. Though presenting a petition to Court temporarily stops creditors from engaging in out-and-out enforcement lawsuits, creditors can apply for relief from stay and then continue their collection efforts.

Depending on your circumstances, bankruptcy may or may not make sense for you. If after the bankruptcy you will be no better off than you were before, why do it?

The decision as to when to petition for a Bankruptcy Petition should be based upon the facts of the individual circumstances.

Be aware that you must divulge complete financial information in a bankruptcy petition. Compiling a complete list of debts and creditors is important for the bankruptcy process.

A bankruptcy solicitor or an insolvency practitioner will help ensure that you are following the appropriate form and content of the petition.