Personal bankruptcy in the UK
The cost of bankruptcy differs depending on where you live. In England and Wales bankruptcy costs £655. This is made up of a bankruptcy deposit of £525 for the official receiver and an adjudicator fee of £130.
In Northern Ireland the costs add up to £647, which is made up of a bankruptcy deposit of £525, a court fee of £115 and a solicitor’s fee of £7. You may also be exempt from paying the court fee, although this will stop in November 2016.
Under the terms of the bankruptcy, creditors stop charging interest and cannot contact you or take legal action to recover the debt.
Personal bankruptcy advice
Personal bankruptcy is a big step to take and you should not make any move towards making yourself bankrupt before getting expert debt help.
We can provide free, confidential debt advice and identify the best debt solution for your situation. Use our online Debt Remedy tool and find out whether personal bankruptcy is an option for you.