We’ve put your budget together and advised you that the best way to get back on track is to declare yourself bankrupt. This is also called ‘sequestration’ or ‘bankruptcy full administration’.
There is also route into bankruptcy aimed at those with lower incomes and fewer assets called minimal asset process bankruptcy.
We know there’s a lot of information to go through during the bankruptcy application process, but you don't need to go through this alone. Here are the first steps you’ll need to take.
On this page you'll find...
Answers to the questions our bankruptcy clients ask us most often. You'll also find further information in our Debt Information section.
The MoneyAware team are here to support you while you progress through your bankruptcy, with tips on how to stick to a budget and increase your income.
How do I apply for bankruptcy?
To go bankrupt, you need to fill out the application forms on the Accountancy in Bankruptcy (AiB) website. You have to speak to an approved money advisor before you can go bankrupt in Scotland. Our advisors in Scotland are approved money advisors and will guide you through the process.
The fee to go bankrupt in Scotland is £200. You can pay in instalments, but your application won’t be processed until you’ve paid in full. If you wish to pay in instalments you’ll need to complete and submit the ‘Notice to Pay by Instalments’ form in the application pack.
If you decide not to go ahead with your application before it’s been submitted, your payment will be refunded. It’s unlikely you’ll be able to receive a refund if your application’s already been submitted.
The Accountant in Bankruptcy will be your trustee unless you choose to nominate an insolvency practitioner to act.
Visit the AiB website for more information.