As per these chapters, any individual, partnership firm
, company or organization can file the insolvency without any problem. According to UK laws, individual can only file bankruptcy when he/she can not repay the debts towards creditors, but now people use it as a tool to eliminate the debts completely. Court can take a strict action against you, if they find bankruptcy fraud. According to experts, discussion is always important before making the step towards it. It can be a good step at times of emergency but can be very bad if your case is not genuine.