Get started
What is Bankruptcy?
What happens during Bankruptcy?
Common questions
Get in touch
Blog articles
Bankruptcy
We have over 20 years experience in dealing with Bankruptcy we know when it's the right solution. Quickly find out if it's right for you with our three simple steps
Answer a few online questions
It's fast and easy
2 min
Get your free Money-Smart report
Makes sense of your money
Find the right solution for you
Help reduce monthly payments
Bankruptcy is a legal arrangement that writes off the debt you can't afford to repay.
Unable to pay back your debts in a reasonable period of time
Bankruptcy is a form of insolvency and is normally only suitable if you are unable to pay back your debts in a reasonable period of time. Bankruptcy is only available if you live in England, Wales or Northern Ireland (In Scotland, the process is called sequestration).
Bankruptcy fees
In England and Wales, bankruptcy fees total £680 but fees vary in other parts of the UK. You pay a fee of £130 for adjudicator costs and £550 to the Official Receiver. For more information regarding Bankruptcy in Northern Ireland please go here.
Payments under Bankruptcy
You'll only have to make payments towards your unsecured debts if you can really afford to. The Official Receiver will tell you if you have to make monthly payments.
How long does bankruptcy last
Bankruptcy usually lasts for 12 months. Once you're discharged your outstanding unsecured debt will be written off and you can make a fresh start.
Answer a few questions online, find out if Bankruptcy is right for you
Quickly find out if Bankruptcy is right for you
Bankruptcy is available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing services are provided. Our fees are explained here.
To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.
Bankruptcy can help rid you of debt that would otherwise take years to clear
You'll receive no further contact from your creditors...
Bankruptcy can have serious implications for your future and shouldn't be undertaken lightly
Answers to common questions about Bankruptcy
Will my home be at risk?
If you're a homeowner with equity in your property, it could be sold to help cover what you owe. Other non-essential assets that you own may also have to be sold.
Will it affect my credit history?
Bankruptcy can seriously affect your credit rating. It will show up on your credit file for six years and you may be asked in future applications for credit or employment if you have ever been bankrupt.
For further information about Bankruptcy Read more...
Our promise to you
You will not be called by a call centre
Our experienced, money advisors will only call at a time convenient for you - and then be your single point of contact
DAC look to help everyone
We have helped over 400,000 people with a range of solutions - it's important we find the right one for you
Get your FREE Money-smart report - make sense of your money
Find out if Bankruptcy is the right solution
Talk with your personal Money Advisor today
If you are interested or would like more information on Bankruptcy, talk through your options with one of our experienced money advisors
Book a Call back
You can choose when you want us to call you
Start Live Chat
Type in your question for an instant reply
Scottish solutions
Read the latest blog articles...
Posted by: Christine Walsh |
May 11 2017
Tackling your debts
Posted by: Christine Walsh |
March 20 2017
Tackling your debts
Posted by: Christine Walsh |
March 13 2017
Tackling your debts