Together, we’ll help you resolve your debt problems in the best way for you.
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Manage your debt with bankruptcy
Bankruptcy could be an option if you cannot afford to repay your debts and your possessions do not cover the amount you owe.
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what is bankruptcy?
Bankruptcy is a legal way to deal with debts you can’t afford to repay. If your debts are greater than the value of your possessions, you may be able to declare yourself bankrupt.
This process involves selling your assets and sharing the money amongst your creditors. Once complete, most of your unsecured debts will be written off, giving you a fresh financial start.
There are 3 main ways you could be made bankrupt:
1. You can apply for your own bankruptcy.
2. A creditor you owe money can petition for your bankruptcy.
3. An IVA supervisor can apply to make you bankrupt if your arrangement has failed.
Benefits of Bankruptcy
Here’s how declaring bankruptcy can help you achieve financial freedom:
Debts are written off
No more pressure from creditors
Debt freedom in 12 months
No income payment if you rely on benefits
Keep essential household items
Considerations of Bankruptcy
Uncertainty about assets
When you go bankrupt, the Official Receiver takes control of your finances and assets. This means your home or other high-value possessions could be at risk. In some cases, you may need to make monthly payments for up to three years if the Official Receiver decides you can afford it.
Bankruptcy fees
Bankruptcy is not free. It currently costs £680 to apply for bankruptcy in the UK. This can
usually be paid in instalments, but until your bankruptcy is approved, creditors are still able to chase you for payments.
usually be paid in instalments, but until your bankruptcy is approved, creditors are still able to chase you for payments.
Public record
When you go bankrupt, your details are placed on the Insolvency Register, which is a public record accessible online. This means employers, landlords, and lenders can view your bankruptcy status.
Impact on credit history
Bankruptcy will remain on your credit file for 6 years, making it harder to get credit, mortgages, or loans during this period.
Employment restrictions
Some professions, particularly in finance, law, and senior management, may restrict or prevent you from working if you are bankrupt. Always check your employment contract or
consult your HR department before applying for bankruptcy.
consult your HR department before applying for bankruptcy.
we’ve helped over 1000 people find debt freedom
how to apply for bankruptcy
1. get professional advice
Speak to one of our experienced bankruptcy advisors who will review your debts, income, and
financial situation. They will explain the process and whether bankruptcy is the right debt solution for you.
2. Explore your options
Your advisor will outline all available debt solutions, including Debt Relief Orders, IVAs, and Debt Management Plans, so you can decide if bankruptcy is the most suitable choice.
3. Create your bankruptcy plan
If bankruptcy is the right step, we’ll help you complete the application, prepare supporting
documents, and explain what to expect during the process.
4. Begin your journey to debt freedom
Once approved, your bankruptcy order will protect you from creditor action, and you can start rebuilding your finances with a clear path forward.
customer feedback
Here's what previous customers have to say.
frequently asked questions
How much does it cost to go bankrupt?
The fee to apply for bankruptcy in the UK is £680. This can usually be paid in instalments online. Once your bankruptcy is approved, you are legally protected from creditor action.
Are secured debts included in bankruptcy?
No. Secured debts, such as mortgages or car finance, are not automatically written off in bankruptcy. These lenders still have rights over the secured asset, meaning you may lose your home or vehicle if repayments are not maintained. Bankruptcy mainly covers unsecured debts like credit cards, loans, and overdrafts.
What happens after I go bankrupt?
Once you are declared bankrupt, your assets are assessed and may be sold to repay creditors. Most unsecured debts are written off, and in straightforward cases, you are usually discharged after 12 months. Bankruptcy will remain on your credit record for 6 years, which can affect future borrowing and financial applications.
What will happen to my home after bankruptcy?
If you own a property, the Official Receiver or Trustee may sell your home to help repay debts.
In some cases, a family member or partner can buy out your share to allow you to stay. If you rent, most tenancies are unaffected, but landlords may check your credit file.
In some cases, a family member or partner can buy out your share to allow you to stay. If you rent, most tenancies are unaffected, but landlords may check your credit file.
Will bankruptcy affect getting a mortgage?
Yes. Bankruptcy remains on your credit record for 6 years, making it very difficult to get a mortgage during this time. Even after discharge, lenders may view you as high risk and offer limited options, often with higher interest rates.
Can I keep my details off the public register with bankruptcy?
No. All bankruptcies are listed on the Individual Insolvency Register, which is a public record. However, in rare cases where disclosure puts you at risk of violence, you can apply to have your address withheld.
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Take Back Control of Your Debt
Taking back control of your finances doesn’t have to feel overwhelming. At Care About Money, we make the process simple and supportive, keeping you informed at every stage, so you know exactly what to expect.
We will call you to discuss your circumstances.
We help you decide on your best course of action.
We will help guide you through the process.
Care About Money Limited
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.
Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.
All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected.
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.
Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.
All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected.