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What is Bankruptcy?

After you have been declared bankrupt your creditors will write off your unsecured debts, this will allow you to make a fresh start, however, there are restrictions for the 12 month period of Bankruptcy whereby you will have to declare any changes to your personal circumstances to the official receiver. You will have to pay a fee to become bankrupt, and the fee can vary year on year.

There is a link here to the .gov website, which contains an application form and up to date information on how much the fee currently is



  • Once granted you will be protected from creditor action.
  • You could be discharged after 12 months.
  • Debts written off at the end of the agreement and you will be granted “debt forgiveness”.
  • You don’t have to deal with your creditors.
  • You may qualify for a basic bank account


  • You may be required to sell your assets, including your property.
  • If your situation improves and you have a disposable income you may be required to make a monthly contribution for up to 3 years.
  • The bankruptcy will adversely affect your credit rating for 6 years.
  • Depending on your job role/title there may be restrictions from your employer that will not allow you to go bankrupt.
  • Cannot take out any credit until you are discharged from the bankruptcy. In Northern Ireland you may not apply for credit over £500 without telling the Creditor you are Bankrupt
  • Your bank account is very likely to be frozen.
  • Name will be published on an Insolvency register.
  • Bankruptcy cannot be joint.
  • You could possibly have a bankruptcy restriction made against you which can last up to 15 years and affect your financial affairs.

You can call one of our advisers on 0800 97 88 495 or email to find out if you qualify for Bankruptcy.