Helping you clear your personal debt - Take the first steps towards clearing your debt today.
Bankruptcy is a formal insolvency route for individuals with debts that they cannot pay. Bankruptcy can have serious financial implications so is often the last resort and is usually applied for when no meaningful alternative can be offered to creditors.
There are two routes to bankruptcy.
If your debts are bigger than your income and you are not meeting repayments then you may be able to apply for bankruptcy yourself. You can apply online, after which you’ll usually get an email or letter from the adjudicator within 28 days of submitting your application to say if you’ve been made bankrupt.
This can take longer if the adjustor needs to ask more questions about your application. They’ll then issue a bankruptcy order.
If you owe at least £5,000 to a creditor and cannot meet the repayments then that creditor may apply to declare you bankrupt. A legal process is started and a bankruptcy order may be issued that you have to comply with.
If you petition for your own bankruptcy, known as voluntary bankruptcy, the cost is currently £680 in England and Wales (£550 for the bankruptcy deposit and £130 for the adjudicator fee). This can be paid in instalments but must be paid in full before the application can be considered.
In Northern Ireland the cost to petition for your own bankruptcy is £669 (£525 for the bankruptcy deposit, £125 for the Court fee and £7 for the solicitors fee).
If you’re considering bankruptcy as a solution to your debts, complete our online form today and see if you qualify and find out how much debt you could write off.