Bankruptcy is a legal process where you are declared unable to pay your creditors. You can petition for your own bankruptcy (Debtor's Petition) or a creditor/s can petition (Creditor's Petition) for your bankruptcy if who you owe them more than £750.
It costs £150 court fee and a £450 to help meet the costs of the Official Receiver. This could mean total costs of £600 which you are legally bound to meet yourself
If you are interested in Bankruptcy you can contact your local court office by calling the Court Enquiries line on 0207 210 2266 or by looking under "court" in your local phonebook. You will need to speak to the bankruptcy clerk and ask them to send out the forms for you to fill out (also known as petition papers).
You can also Contact Us for any information you may have about bankruptcy and we will be happy to advise you.
Click here to learn How to avoid going Bankrupt using our bankrutpcy alternatives.
A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid. Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.