While it should be considered very carefully and as a last resort, bankruptcy is the best way out of debt for some people. It all depends on your situation – bankruptcy might be right for you if you:
You can apply for bankruptcy by filing a petition at the County Court – the district judge will decide whether or not to grant the bankruptcy. You’ll have to pay £700 (£525 Official Receiver’s deposit + £175 court administration fee). If you’re unemployed or on a low income, you may not have to pay the court fee when you apply for bankruptcy. This is called Voluntary bankruptcy. There’s also Involuntary bankruptcy: any of your creditors can petition for your bankruptcy if you owe them £750 or more. Alternatively contact us today and we will assist you in applying for your Bankruptcy Petition.
We do not charge a fee for our bankruptcy advice we can make all the forms available to you and help you book the appointment with the court to file for bankruptcy. Please speak to one of our plain speaking advisers to see if it’s suitable for you. The court and official receiver fees will need to be paid to the relevant authorities.