What is voluntary bankruptcy?

Voluntary Bankruptcy is where you petition for your own Bankruptcy, as opposed to one of your creditors taking action against you, perhaps against your wishes.

If this option is for you, you will be liable for paying the court fees yourself, which could be as high as £705 (see how do I go about declaring Bankruptcy).

We would always recommend speaking to an advisor before petitioning for your own Bankruptcy so can be confident that you've considered all of the alternatives and that you're making the right decision.

You can read more about 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 voluntary Bankruptcy or would like to discuss the alternatives, please call 0800 043 40 50. Our helpline advisors are available Monday to Friday 8am to 8pm and Saturday 9am to 5pm.