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Step 1 - How much do you owe?

Less that £5,000
£5,000 to £20,000
More than £20,000

How To Go Bankrupt

There are 3 ways that you could end up going bankrupt:

  • 1. You can make your own application for bankruptcy
  • 2. A creditor who you owe money to can petition for you to be made bankrupt
  • 3. An IVA supervisor can petition for you to be made bankrupt

The Bankruptcy Process – Contact Us For Alternatives

Speak with one of our advisors who will give you the pro's and con's of bankruptcy to help you decide whether it is right for you - there may be alternatives to bankruptcy that you should consider.
We will help you to fill out your bankruptcy form on the government website.
You will receive a letter from the Official Receiver detailing everything you must do.
Your bank accounts may be frozen, and you will be interviewed by your Trustee and must cooperate with their requests for information.
Your Trustee will decide whether you need to make monthly payments toward your debt and which of your assets will be sold
Details of bankruptcies are recorded on the public Individual Insolvency Register in England, Wales and Northern Ireland

What is Bankruptcy?

Bankruptcy is available to those living in England, Northern Ireland and Wales.

Bankruptcy is a legally binding debt solution to resolve a debt problem that cannot be resolved. In Scotland, this is sometimes called sequestration.

Who Can Apply for Bankruptcy?

If you can’t pay what you owe you can apply for bankruptcy.


  • Debts are in effect written off on the making of a bankruptcy order, except for debts such as court fines, student loans and social fund loans
  • Creditors can no longer pursue you for your unsecured debts and you no longer have to deal directly with creditors
  • In straight forward cases you can be discharged from bankruptcy in 12 months
  • If your income is made up only of state benefits, then payments from your income will not have to be made
  • You can retain household goods and a reasonable amount of money to live off


  • The official receiver will take control of all your finances and assets and they would decide what happens with these therefore bankruptcy can involve some uncertainty if you own your own home or have other assets of high value. You may have to make payments for up to 3 years if the Official Receiver thinks you should be able to afford to do so
  • It currently costs £680 to petition for Bankruptcy. You can pay by instalments however your creditors will be free to continue normal collections activity during this time
  • Bankruptcies are listed on the insolvency register which is a public record
  • Your credit file will be affected for 6 years
  • Some professions are impacted by Bankruptcy so it may be prudent to refer to your HR department or employment contract before taking this option