How does bankruptcy work?

Bowey123

Someone owes me over £5k. I have a ccs on them for part of the money but can get one on the remainder.  25 years old. So will have plenty of time to pay it off.  

I apply to the court for a petition. What happens when I get it?
I realise that if he is made bankrupt he will not be able to get credit etc so it will hinder him in the future.  

How long will he be bankrupt for?

la531983

Will a court make someone bankrupt over a single 5k debt? Cant you just make a small claims court for it first?

born_again

Bowey123 said:

Someone owes me over £5k. I have a ccs on them for part of the money but can get one on the remainder.  25 years old. So will have plenty of time to pay it off.  

I apply to the court for a petition. What happens when I get it?
I realise that if he is made bankrupt he will not be able to get credit etc so it will hinder him in the future.  

How long will he be bankrupt for?

Katie Price was made bankrupt twice in 5 years....

sourcrates

This is how much it will cost you:

The court fees to make someone bankrupt are:

• £1,500 petition deposit (for managing the bankruptcy)
• £343 for court costs

If the debtor does not have the money, or does not work, then its £1843 wasted.

The court process is here, but I would seriously look at other options first:

Apply to bankrupt someone who owes you money: Overview - GOV.UK