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Worried about bankruptcy?

Free, online debt advice available now.

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

How bankruptcy affects me

How will bankruptcy affect me?

Bankruptcy is a legal procedure that can be used to write off most debts. If you decide to go bankrupt it can affect your life in various ways.

Bankruptcy works differently depending on where you live in the UK. If you live in Scotland the fees and processes are different and it’s sometimes referred to as sequestration (Scottish bankruptcy).

Bankruptcy may be suitable for you if it would take a very long time to pay off your debts and your financial situation is unlikely to improve in the near future. Although bankruptcy writes off most of your debts, it can affect other parts of your life, such as your home and job.

If you have any assets, like a house, car or other items of value, they’ll usually be sold and the money from this will go towards the bankruptcy.

Your credit rating will also be affected and because of this you may find it difficult to get any further credit for up to six years.

Bankruptcy can have adverse effects on your business and your pension. You also need to be aware that your bankruptcy is not confidential and will appear on a publically-accessible register.

Thinking about bankruptcy?

Need debt advice?

Free, online debt advice available now

Get debt help

Get free bankruptcy advice

It’s very important to get expert impartial advice about bankruptcy before you make a decision about it.

By using our online debt advice tool, you’ll get an assessment of your financial situation and an expert recommendation on how best to deal with your debt problem.

"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 2019