Bankruptcy

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What is Bankruptcy?

Bankruptcy is a formal insolvency process and an application to declare yourself bankrupt can be completed online. Once the application has been accepted by the adjudicator, your Bankruptcy is managed by an official receiver. Your debts will be placed on hold, usually for 12 months, and then written off on your discharge. You will need to pay the Bankruptcy fee in full before you can submit your application and will have restrictions placed against you for the period until you’re discharged.

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Benefits

  • Most debts can be included in Bankruptcy.
  • There is no limit to the amount of debt that can be included.
  • You will be subject to some restrictions for the initial 12-month moratorium period.
  • The fee can be paid in instalments.
  • Your creditors can no longer take further action to recover the debts.

Considerations

  • The cost of Bankruptcy is currently £680.
  • Your details will be listed on the Insolvency register.
  • Your credit rating may be affected.
  • Assets could be sold to repay your creditors.
  • Your bank account will usually be frozen for a period.

If you’re struggling with your debts, you should seek debt advice from an FCA approved organisation before proceeding with a debt solution.

You can call one of our advisers on 0800 97 88 495 or email info@debtsupportservice.co.uk to find out if you qualify for Bankruptcy.