You are made bankrupt when the court issues a bankruptcy order against you. You can make yourself bankrupt or your creditors can instigate a bankruptcy action against you.
To petition for bankruptcy, you have to fill in an application form and hand it into your local county court along with your bankruptcy fees. In England and Wales the fees are £175 to the court and £525 to the official receiver (£700 in total). Your finances will then be investigated by the official receiver.
If the court approves your application, they will issue a bankruptcy order against you.
Bankruptcy support
Bankruptcy is a big step and should not be considered until you have received professional debt counselling.
Find out if bankruptcy is suitable for you by using CCCS Debt Remedy, our online debt counselling service. It's free, impartial and completely confidential.