A formal procedure for writing off unmanageable unsecured debts

could help you:

  • Write off unaffordable unsecured debt
  • Get back on top of your finances
  • Stop further action from your lenders

Do You Qualify For Bankruptcy?

Call 0800 970 7673

Fees & Key information

Find out more about the fees involved with each debt solution.

Find out if you qualify for Bankruptcy

Tell us about your situation

Tell us about you

Useful free guides

Download the Insolvency Service guide to dealing with lenders.

Download the information package from Scotland’s Insolvency Service.

Bankruptcy callback

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We will treat your call in the strictest confidence and you will only be asked to supply information required to find the best solution to your debts.

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What is bankruptcy?

It's a legal process in which your unmanageable unsecured debts are written off by a County Court.

It involves handing over rights to your affairs (i.e. your debts) and any assets (e.g. your home, if you're a homeowner) to a Trustee, who is responsible for ensuring that your assets are shared out fairly amongst your lenders.

On successful completion of your bankruptcy (normally after a year), you will be 'discharged' and your remaining debt will normally be written off.

Depending on your situation, you may be required to make monthly contributions towards your debts for up to three years.

What does bankruptcy cost?

There is a court fee plus a debtor's petition fee, which can sometimes be waived if you are on a very low income. Please click here for full details of the fees charged.

Is bankruptcy right for me?

Although bankruptcy is often considered a last resort for tackling debt, it can actually be the right solution for some people. However, you should always discuss all your options with an expert debt adviser before you decide on anything.

There are a number of alternative debt solutions that could help you avoid some of the disadvantages of bankruptcy.

Disadvantages of bankruptcy

Like any debt solution, bankruptcy has a few disadvantages. These include:

  • Likely repossession of your home (if you're a homeowner)
  • Impact on your credit rating - records remain visible for six years after the order is made, as your bankruptcy is entered and advertised on a public register and your ability to obtain credit may be affected for longer
  • You may be required to make monthly payments towards your debts for a couple of years after you have been discharged
  • Your employment may be affected; certain professionals are excluded from practising and you cannot act as a director or be involved in the management of a company without the court's consent.
  • You will be committing an offence if you obtain credit of £500 or more without disclosing your bankruptcy.