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What is bankruptcy?

If you are unable to pay your debts and the amount owed is more than the value of the items you own, you may be able to declare yourself bankrupt.

Key facts of bankruptcy
  • The bankruptcy period typically lasts 12 months
  • Creditors will not be able to contact you about your debts or take you to court
  • It costs £680 to apply for bankruptcy, which can be paid in instalments
  • The fee must be paid in full before the application is submitted
  • Your bankruptcy will be published on the Insolvency Register
Who can apply for bankruptcy?

Anyone who is unable to pay their debts is able to apply for bankruptcy. However, it is advisable to check if there are other potential debt solutions first before you apply.

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12 months

The typical bankruptcy period is 12 months and, during this time, the majority of your creditors won’t be able to get in touch with you to discuss your debts or take you to court.

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£680

You will need to pay £680 if you decide that applying for bankruptcy is the right route for you. You can pay this in instalments, but the full amount will need to be paid before the application is submitted.

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Spare income

If you have a small amount of spare income, you may be asked to make payments towards bankruptcy debts, unless your only income is from benefits or if you have none leftover after paying reasonable living costs.

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Insolvency Register

Your bankruptcy will be published on the Insolvency Register, including your name and address. You can request for your address to be hidden when you apply for bankruptcy.

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12 months

The typical bankruptcy period is 12 months and, during this time, the majority of your creditors won’t be able to get in touch with you to discuss your debts or take you to court.

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£680

You will need to pay £680 if you decide that applying for bankruptcy is the right route for you. You can pay this in instalments, but the full amount will need to be paid before the application is submitted.

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Spare income

If you have a small amount of spare income, you may be asked to make payments towards bankruptcy debts, unless your only income is from benefits or if you have none leftover after paying reasonable living costs.

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Insolvency Register

Your bankruptcy will be published on the Insolvency Register, including your name and address. You can request for your address to be hidden when you apply for bankruptcy.

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Eligible Debts
Bankruptcy may work for…

Bankruptcy may be able to help you with the following debts: credit cards, overdrafts, loans, rent arrears, utility bills, payday loans, store cards, catalogues etc.

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Credit Cards

Payday Loans

Store Cards

Overdrafts

Personal Loans

Lines of Credit

Business Debt

Catalogues

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Ineligible Debts
Bankruptcy may not work for…

Bankruptcy cannot be used to clear the following debts: TV licence arrears, student loans, social fund loans, court fines, child maintenance arrears, fraudulent debts, mortgages and secured loans if it is wished for the property to be kept, court orders for personal injury payments.

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Child Maintenance Arrears

Fraudulent Debt

Court fines

TV license arrears

Student loans

Mortgages/Secured Loans

Social fund loans

Personal Injury Court Payments

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Why choose us?
Why choose Fresh Start UK?

Fresh Start UK has helped more than 12,000 people gain control of their finances and be debt-free. If you’re struggling with debt and finding it tough to keep up with your bills, speak to an adviser today.

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The upsides of bankruptcy?

img Get started right away and complete the petition online.

img 100% of your debt is written off – only debts included and only once you are discharged.

img A formal agreement, offering protection from creditors.

img Bankruptcy can be suitable for homeowners, but equity may need to be released and property may be at risk.

img Low fees to go Bankrupt and usually no further payments, unless a payment order is agreed.

The downsides of bankruptcy?

img There are restrictions on borrowing.

img Fees are payable in advance of going bankrupt

img Bankruptcy is a form of insolvency and will appear on public register. It may also impact your ability to work in certain roles – for example, acting as a Company Director.

img Impact on credit file – 6 years from the start.

img Your Bankruptcy may not be approved

Ready to get started on the path to financial freedom?
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Money Helper has replaced the Money Advice Service and brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.

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