How does it work?
To declare yourself bankrupt, you must apply online to an official adjudicator at the Insolvency Service and pay a fee of £680 (in installments, if necessary). You’ll also need to provide information about your debts, income and outgoings – including any correspondence with bailiffs or enforcement agents.
When you go bankrupt, an Official Receiver will be appointed to assess your income, assets and outgoings. If you’re a homeowner, your house may be sold off to release equity. So may your car and any other luxury items you own.
After a year or so, most of your outstanding debts will be written off. But until you’re discharged from bankruptcy, you’ll be under certain restrictions – for instance, you’ll have to declare your situation when applying for large amounts of credit. Your credit rating will be negatively affected and any credit you do get is likely to be expensive, both now and in the future.
So before you make the decision to go bankrupt, it’s a good idea to get advice from a free, independent and expert service like ours.
Get in touch with our team today by calling 0808 164 2480 or filling in our short assessment form.
What to expect
- We’ll use the information you’ve given us on the phone or in your assessment form to establish the nature and urgency of your debt.
- We’ll book you in for a face-to-face appointment at your nearest centre – or a telephone advice session if required – so we can give you a detailed analysis of the help available to you.
- We’ll discuss your options and talk through the pros and cons of each.
- We’ll establish the best possible solution and help you to resolve your debt – whether that’s by means of advocacy, representation or negotiation on your behalf, or by helping you write letters and supporting you throughout the process.
Every year, we help thousands of people to become debt-free.
Debt Free London is a partnership of 26 debt charities led by Toynbee Hall, which provides free, trustworthy advice sessions across London. Our service is funded by the Single Finance Guidance Body (previously Money Advice Service) and we’re authorised and regulated by the Financial Conduct Authority.