Bankruptcy - How To Go Bankrupt & Declaring Bankruptcy UK | M1 Debt


What is bankruptcy? and how to go bankrupt

Bankruptcy is a formal insolvency arrangement to help people deal with serious debts that they cannot repay in a reasonable period of time.

Bankruptcy can be applied for by yourself or by someone else you owe money to (a creditor). For a creditor to make you bankrupt you must owe at least £5,000. Once bankrupt the money you owe will be written off and you will be debt free usually in one year (12 months).

Bankruptcy is an alternative insolvency solution to a Debt Relief Order (DRO) and a Individual Voluntary Arrangement (IVA).

Bankruptcy Advantages

  • Debts are written off with certain exceptions
  • You may be able to avoid having to sell your home
  • Creditors cannot take further action or contact you
  • Depending on your circumstances you could be debt free in one year

Bankruptcy Disadvantages

  • Your bankruptcy will be entered onto a public register
  • Your employment and any business ventures will be affected
  • You may have a bankruptcy restriction order made against you
  • You may have to pay a realisation fee based on assets you own
  • Your credit rating will be affected if you choose to become bankrupt and will show on your credit file for six years from the date you become bankrupt.

Bankruptcy Fees

In England and Wales:

  • the deposit is £550 and
  • the adjudicator fee is £130

In Northern Ireland:

  • the court fee is £127,
  • the deposit is £525, and
  • a solicitor’s fee, which is normally £7

Filing for Bankruptcy in the UK

Declaring bankruptcy is now an online process. You can access this service here.


Individual Voluntary Arrangement (IVA)

Individual Voluntary Arrangement (IVA)

Debt Management Plan (DMP)

Debt Management Plan (DMP)

Debt Relief Order (DRO)

Debt Relief Order (DRO)


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Our aim

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Experienced team

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Updated on 2019-10-16T15:56:11+01:00, by admin_m1.