Bankruptcy petitions are usually presented at the High Court in London or a county court near to where you trade or live. A petition can be presented against you even if you are not present in England or Wales at that time.

Bankruptcy may be considered when an individual can no longer afford to pay their debts. Anyone can go bankrupt, whether it be an individual, members of a partnership or a company.

The court fee of £150. In some circumstances the court may waive this fee; for example, if you are on Income Support. If you are not sure whether you qualify for a reduction in the fee or whether you are exempt from paying the fee, court staff will be able to advise you.

There are many long term disadvantages associated with Bankruptcy which need to be considered before you make your final decision. We recommend that you seek expert advice if you are considering declaring yourself bankrupt.

Before you take any action to apply for your own bankruptcy, you should seek expert advice about bankruptcy and the other options available to you. The Insolvency Service and the courts cannot advise you on specific insolvency problems; for example, whether you should go bankrupt.

Bankruptcy is an option that often has to be considered when you cannot pay your debts as they fall due. A first time bankrupt with debts will generally receive their discharge one year after the date of the bankruptcy order (there is the possibility that in some cases the bankruptcy discharge period will be less than one year).

It’s not a situation to relish, having the taxman – HM Revenue & Customs (HMRC) – investigate your financial and fiscal circumstances. But there are things you can do to make the process quicker and hopefully easier.

Rent will be treated as income and taxed in line with your basic or higher-rate tax bands. You will, however, be able to offset mortgage interest payments, letting agency costs and maintenance expenses against the taxable rental income. This makes it more tax-efficient to have a mortgage on your investment property rather than your main home where you can no longer get tax relief on your mortgage.

If you continue to earn income from UK investments, (such as company shares), while you are living abroad, the tax will be deducted at source. For bank and building society savings accounts you will not be liable for tax, but in order to qualify you will need to fill out a tax exemption form.

Inheritance tax is something most people do not worry about but probably should do, given the way house prices have risen over recent years. As a result of soaring property prices many individuals and couples will find that they have been pushed over the current thereshold. For those with concerns tax planning is essential.