3.3 How long will it take for me to be made bankrupt?
This will depend on who takes steps to make you bankrupt.
When you apply for your own bankruptcy and your application form is correctly completed with the fee and all the information needed, your bankruptcy will normally be awarded within five working days of the Accountant in Bankruptcy receiving it. It may take longer if the Accountant in Bankruptcy has to write to you to ask for more information or evidence.
When a creditor or a trustee in a trust deed petitions the sheriff for your bankruptcy, you could be made bankrupt in less than a fortnight from the date their petition is presented. You will receive a warrant citing you to appear at a court hearing to decide whether you should be made bankrupt. If you do nothing you probably will be made bankrupt.
If you appear or are represented at the hearing and provide evidence, the sheriff may decide to postpone their decision if they are satisfied that you will pay what you owe within 6 weeks or if you plan to repay your debts through the Debt Arrangement Scheme.