Bankruptcy is a form of insolvency that writes off debts you can't afford to repay. When you're bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors.
Bankruptcy is a formal insolvency route for individuals with unsecured debts that they cannot pay. Bankruptcy is often the last resort and can be used when no other alternative is suitable.
Once you are made bankrupt you have a duty to provide information to the official receiver and the trustee, and attend their office as and when required.
If you live in England, Wales or Northern Ireland you can apply for bankruptcy if you have debts over £5,000.
If you live in England or Wales you can make yourself bankrupt by submitting an online application and paying the bankruptcy fees. https://www.gov.uk/apply-for-bankruptcy
If you live in Northern Ireland you need to apply to the court. https://www.nidirect.gov.uk/articles/bankruptcy
Bankruptcy costs and fees will vary depending on the country you live in. Below we look at England, Wales & Northern Ireland.
In England and Wales:
In Northern Ireland: