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Bankruptcy
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Bankruptcy is a legal arrangement that writes off the debt you can't afford to repay.
Unable to pay back your unsecured 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).
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.
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 other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
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.
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.
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