Going bankrupt can be a difficult option for people with serious debts because of the costs involved. There is a court fee to pay and an even greater sum has to be paid to the Official Receiver.
In fact, filing for personal bankruptcy costs a total of £700 in fees; £175 to the court and £525 to the Official Receiver. In certain cases you could be exempt from paying the court fee; for example, if you are on a low income or receiving benefits, but you would still have to pay the Official Receiver's fee.
To be eligible for personal bankruptcy, you have to be insolvent, which means your debts are greater than your assets (including property and vehicles).
Get free bankruptcy help
If you are thinking about bankruptcy we can give you some free impartial advice, and see if it is the best option for you.
If you want to know more about bankruptcy or are worried about your debts, contact us for advice. CCCS Debt Remedy, our online debt counselling service, can identify the best solution to your debt problem.