You might be able to declare yourself bankrupt if you can’t pay your debts and the amount you owe is more than the value of the things you own.

The bankruptcy period usually lasts 12 months. If you go bankrupt, most of your creditors won’t be able to contact you about your debts or take you to court.

You’ll need to pay £680 if you decide to apply for bankruptcy.

You can pay in instalments, but you’ll need to pay the whole amount before you submit your bankruptcy application.

If you’re struggling to raise the bankruptcy application fee, you might be able to apply for a grant or get help from a charity. You can search for a grant on the Turn2us website.

If you have spare income

If you’re earning and have a small amount spare, you might be asked to make payments towards your bankruptcy debts.


Advantage Of A Bankruptcy

Disadvantages Of A Bankruptcy

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