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Worried about bankruptcy?

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i This solution is only available in England, Wales and Northern Ireland.

How to go bankrupt

How much does it cost to go bankrupt? Bankruptcy fees

It costs money to go bankrupt. The fees and administration costs vary depending on where you live in the UK.

A lot of our callers ask how to apply for bankruptcy. You’ll need to submit your bankruptcy forms along with some fees. The cost of bankruptcy differs depending on where you live.

Bankruptcy costs and fees in the UK

In England and Wales:

  • the application fee is £130 and
  • the bankruptcy deposit is £550

In Northern Ireland:

  • the court fee is £137,
  • the bankruptcy deposit is £525, and
  • there is a solicitor’s fee of £7

If you live in Northern Ireland and you‘re on a low income or receive certain benefits, the court fee may be waived. Whatever your circumstances the bankruptcy deposit always has to be paid.

Once you’ve petitioned for bankruptcy, the official receiver assigned to deal with your bankruptcy will look through your finances and decide if you need to pay anything towards your debts. You may have to pay a monthly contribution towards your debts for up to three years. This is called an ‘income payment arrangement’ or IPA. It’s payable if you have available income of more than £20 per month after paying your household bills and essential living costs.

The official receiver won’t make you pay anything towards your bankruptcy if you can’t afford to, and they’ll always leave you with enough money to live on each month.

If you have any valuable items, such as property, a vehicle, expensive items of jewellery or savings, the official receiver may arrange for them to be sold, and the money generated will be used to pay back some of your debts.

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Bankruptcy costs in Scotland

In Scotland, the Accountant in Bankruptcy may order you to make a payment each month for up to four years after sequestration. This is called a ‘debtors contribution order’ and is based on your ability to pay. You won’t be asked to pay anything after MAP bankruptcy.

Get free bankruptcy advice

Going bankrupt is a big step to take and requires expert debt advice. If you’re considering bankruptcy, use our online debt advice tool, which will provide you with the best solution to your debt problem in around 20 minutes.

Or, if you’d prefer to speak to us, call our Helpline (free from all landlines and mobiles).

"They were so kind, they listened patiently and helped me through the process" Alison, Kent

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018