Bankruptcy Cost & Fees
You can pay online when you apply for bankruptcy.
The total cost of Bankruptcy is £680. This is made up of a £130 adjudicator fee and an extra £580 that is given to to the official receiver. These payments are to be made to the Insolvency Service online.
This fee can be paid in instalments. The minimum payment amount is £5, and you can pay this in as many instalments as you like.
⚠ If you are struggling to raise the funds that are needed to pay for your bankruptcy fees, one of our advisors can discuss potential charities that are able to cover these costs for you.
Check If You Qualify*
Does Bankruptcy write off all of your debts?
The majority of your debts will be covered by your bankruptcy order. When you are discharged from your bankruptcy, these debts are then legally written off.
It is important to note that not all types of debt can be included in bankruptcy.
If you are concerned that some of your debts might not be included in your bankruptcy then one of our expert advisors will be able to discuss qualifying debts for bankruptcy.
If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts. If you owe more than £5000 to your creditors, they can apply to make you bankrupt.
As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can ask a court to make you bankrupt, even if you don’t want them to. They can only do this if you owe at least £5,000. You can find out more by clicking here.
If your debts are below £20,000, you may qualify for a DRO (Debt Relief Order) which, with a one-off payment of only £90, will clear all your debts. To see if you qualify, speak to an expert today.
⚠ This form of bankruptcy is available in England, Wales, and Northern Ireland. Speak to an advisor to learn more about bankruptcy in Scotland.
Bankruptcy Common Questions – FAQ’s
▫ Your unsecured debts will be written off, giving you a fresh start.
▫ Your creditors can’t take any further legal action against you to recover your debts.
▫ They must also stop demanding payments, charging interest and adding other charges.
▫ Once a bankruptcy is approved, included creditors will no longer be able to demand further payments
▫ Assets such as your home or vehicle could be included in your bankruptcy.
▫ Some jobs are affected, such as legal or financial roles.
▫ Bankruptcy will have a negative impact on your credit file and it will appear on them for six years.
▫ Your bankruptcy will be recorded on a public register.
▫ If you are struggling to repay unaffordable debt then bankruptcy could be an option for you.
▫ Bankruptcy isn’t a decision to be taken lightly. It’s important to understand the advantages and disadvantages to declaring yourself bankrupt.
▫ Things such as your vehicle or home can be affected or sold in bankruptcy. There are also cases where you could be asked to contribute an ongoing monthly payment towards your debts. This is known as an Income Payments Arrangement (IPA). An IPA can last up to 3 years.
▫ You should always speak to an expert before deciding if bankruptcy is the right choice for you.
If you believe bankruptcy isn’t right for you then there are a number of alternative solutions that may be available. These include a Debt Management Plan (DMP), an Individual Voluntary Arrangement (IVA), and a Debt Relief Order (DRO).
Our advisors are trained to give advice on ALL alternative debt solutions. Chat to an expert to learn more about these options.