Are you currently struggling with debts and looking for a possible solution to take back financial control in England, Wales or Northern Ireland? See below our frequently asked questions on Bankruptcy, please note it is important to receive tailored debt advice before chosen a solution to resolve your debts which we can do for you by clicking the button below.

Please note if you live in Scotland, the solutions are different from England, Wales and Northern Ireland. Please see Sequestration as this is the Scottish equivalent.

How long does Bankruptcy last?

Bankruptcy in England, Wales and Northern Ireland will last twelve months but if you are seen to have disposable income your repayments can last three years.

Is there things you can’t do when you are Bankrupt?

Yes! Bankruptcy lasts twelve months and during that time you must not; Refuse to hand over documents or not cooperate with the official receiver, borrow more than £500 from a creditor without letting them know you are Bankrupt, change the name of your business to try and hide your Bankruptcy and much more.

Can I keep a house I own if I go Bankrupt?

If you apply for Bankruptcy your assets such as your home are normally sold to recoup money owed to creditors, unless there is no equity in your home.

Can I borrow money during my Bankruptcy?

In the UK, personal bankruptcy normally lasts for a year. During this time, you can’t borrow more than £500 without letting the creditor know you’re bankrupt.

Do I have to pay an application fee to go Bankrupt?

Yes! In England and Wales you pay a total of £680, made up of a £130 fee to the adjudicator and £550 to the official receiver.
In Northern Ireland the total cost is £676 made up of a £151 court fee and £525 bankruptcy deposit. Solicitor’s fees are around £7.

What debts cannot be included in Bankruptcy?

Any debt that is unsecured can be included in Personal Bankruptcy, however some are not such as; child maintenance arrears, criminal fines and tv license arrears.

What happens after my bankruptcy is finished?

After your Bankruptcy has been discharged your debts are written off and the restrictions placed on you during your bankruptcy are usually lifted. If your bankruptcy was caused by dishonest or reckless behaviour, the official receiver can extend the bankruptcy restrictions through a bankruptcy restriction undertaking (BRU) or order (BRO). 
This can last up to 15 years. The record of your bankruptcy stays on the Insolvency Register (England and Wales) or Bankruptcy Register (Northern Ireland) for a further three months after you’re discharged, or longer if you have a BRU or BRO. You may still have to make payments towards your bankruptcy, and the official receiver will decide if you have to do so.