How to declare yourself bankrupt
You need to think carefully about declaring yourself bankrupt. You can apply to make yourself bankrupt if you can’t pay your debts.
This information is for you if you live in England, Wales or Northern Ireland. For Scottish residents please click here
Bankruptcy is a court order that you can apply for if you are in serious debt. It is a legal declaration that confirms you are unable to repay your unsecured debts and any assets you have will be used to pay off your creditors. Any debts left unsettled will be written off completely. Whilst it is a possible solution to a serious debt problem, bankruptcy is not a decision to be taken lightly, as it can have a severe impact on your credit rating and future life.
In bankruptcy, you will benefit from:
Things to consider:
How much does it cost to go bankrupt?
Bankruptcy fees vary depending on where you live in the UK.
In England and Wales you pay a total of £680, made up of a £130 fee to the adjudicator and £550 to the official receiver, so a total of £680.
In Northern Ireland the total cost is £669 made up of a £137 court fee, £525 bankruptcy deposit and solicitor’s fees of £7.
Expert debt advice
You can talk to one of our friendly debt advisers for more information about bankruptcy or your other options to clear your debt. We advise you do this before you pay a fee to make sure that bankruptcy is the best solution for you.