1. Disputes
  2. Money Disputes
  3. Bankruptcy Proceedings

Declaring Bankruptcy

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What is bankruptcy?

Bankruptcy is a legal status which provides a way for individuals to deal with debts that they cannot pay off, by handing over control of their assets to be distributed among those that they owe.

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Declaring Bankruptcy

Individual Voluntary Arrangement

You can also seek advice from a solicitor on reaching an IVA; an agreement with your creditor to pay off your debts, or at least part of them.

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Financial Disputes

If you believe you are also owed money by a person or a business, you can seek help from a legal service provider to make a claim for what you are owed.

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Frequently asked questions

The first step is to apply for bankruptcy online, which has a £680 fee. Within 28 days an adjudicator will decide if you can be made bankrupt and pass your case on to a receiver to deal with proceedings.

Any individual person with enough debt can be declared bankrupt. You can either apply for bankruptcy yourself or an application can be made by your creditors if you owe more than £5,000.

Bankruptcy will have a long-term impact on your credit score, however you can eventually begin to improve your score after by keeping up with new debts and making sure your bankruptcy was properly recorded by lenders.

Bankruptcy will last for 1 year. After this time, you are discharged from all you debts and restrictions placed on you. Rarely, it can last longer if you do not cooperate with your trustee.

Whether or not your pension is affected by declaring bankruptcy depends on what kind of pension you have and whether you are currently (or within 4 years) receiving payments from it.

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