Bankruptcy petition
Legal & insolvencyA formal request to the court to declare someone bankrupt.
Overview
Petitions can be filed by creditors or by the debtor themselves.
A hearing will decide whether bankruptcy is granted.
Why it matters
- It can lead to bankruptcy and long-term credit impact.
- It is a major legal step.
- It affects assets and financial control.
FAQs
Can I oppose a bankruptcy petition?
In some cases, yes. You may need legal advice.
Does a petition affect my credit score?
Bankruptcy is the main credit impact, not the petition itself.
Related terms
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