If your debts are so serious that you face the prospect of going bankrupt, you need to be aware that there are charges for declaring yourself bankrupt. These consist of a £140 court fee and a £310 deposit to help meet the costs of the Official Receiver. So this amounts to total costs of £450 which you are legally bound to meet yourself.
If you are on means-tested benefits, then you will be exempt only from the court costs of £140. This is another reason why it’s so important that you get debt help and consider all other possible debt solutions such as an IVA (Individual Voluntary Arrangement) first.
Call us free on 0800 083 1433 to find out more.
Declaring bankruptcy
If you have no option but to declare yourself bankrupt, then you will need to submit a petition to a court. Equally, your creditors can do this if they can show that you owe them £750 or more in unsecured debts.
Alternatives to bankruptcy
However serious your debts may be, there could well be other debt solutions that will save you from bankruptcy. It’s important you get debt advice about other debt solutions such as IVAs, Debt Management or, if you own a property, remortgaging.
Call us free on 0800 083 1433 Our phone lines are open 8:00 am and 9:00 pm Monday to Friday, or 9:00 am and 5:00 pm on Saturday and 10:00 am to 4:00 pm on Sunday. You can call free for an initial chat about your own debt situation.
