Bankruptcy fees

To start with, a total of £700 in costs has to be paid to file for personal bankruptcy; £175 goes to the court and £525 goes to the official receiver. In some cases (for instance, if you are on a low income or receive benefits) you could be exempt from the court fee, but not the official receiver's fee.

Although bankruptcy writes off your unsecured debts, you will be subject to certain restrictions regarding use of further credit and doing business. Also, you may have to part with valuable assets so they can be sold off to pay creditors.

Get bankruptcy advice first

Bankruptcy is not to be entered into lightly because the personal cost to you will be uncertain.

If you are thinking about making yourself bankrupt, get expert advice first. Our online debt counselling service, CCCS Debt Remedy, can pinpoint the most appropriate solution to your debt problem.