Home > FAQ > Business Law FAQ'S > How much can an individual be made bankrupt for?

A bankruptcy petition can only be made where the debt equals or exceeds £5,000. The debt, or each of the debts, has to be for a liquidated sum payable to the petitioning creditor(s) either immediately or at some certain future time and has to be unsecured. Therefore, if you have been served with a statutory demand for less than that amount it cannot alone be used to petition for your bankruptcy. If you need help understanding or responding to a statutory demand we can give initial guidance for a fixed fee starting at £500 plus VAT and , if necessary, get it set aside on a no win no fee basis.

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