How do I go about declaring bankruptcy?
There are a few things you need to do in order to declare bankruptcy.
Forms
If you’re thinking of declaring Bankruptcy, you will need to complete an online Bankruptcy application form. There is no paper equivalent and you do not have to attend a court to do this. The application is your official request to the adjudicator to be made Bankrupt.
You can access this on the gov.uk website here.
Fees
There are two fees you will need to pay when declaring Bankruptcy:
- The fee to submit the application to the adjudicator is currently £130
- There is also the Deposit fee of £550 towards the cost of administering your Bankruptcy.
If you are married, you will each be required to pay these fees separately.
The adjudicator
The adjudicator will review your application and will have 28 days to make a decision on whether the criteria for bankruptcy are met.
The adjudicator may:
- Make a Bankruptcy Order.
- Request additional information, the adjudicator can then extend the time before making a decision by 14 days.
- Reject the application: You will then have 14 days to ask for a review of the decision but you are unable to submit any new information. If the review results in a rejected application you will then have 28 days to appeal to the court.
Once the order is made, it is sent to you and the official receiver (OR) who will act as your Trustee in Bankruptcy. It is the OR’s job to manage your financial affairs during your Bankruptcy.
You can read more about declaring Bankruptcy and whether it is suitable for your situation in our Bankruptcy section.
Debt Advice Foundation is a registered UK charity offering free, confidential support and advice on any aspect of debt, including Bankruptcy. If you need to talk to someone about Bankruptcy or would like to discuss the alternatives, please call to speak to an adviser.
