Wondering how to go bankrupt?

This guide explains all the steps you will need to take to apply to go bankrupt.

Steps to go bankrupt

• Step 1: Make sure bankruptcy is the right option for you.
• Step 2: Find out which Court you have to apply to.
• Step 3: Get the bankruptcy fee and deposit together.
• Step 4: Complete the bankruptcy forms.
• Step 5: Take your bankruptcy forms to Court.
• Step 6: Attend your bankruptcy hearing.
• Step 7: You are declared bankrupt.

Step 1: Make sure bankruptcy is the right option for you

Bankruptcy can be an effective way to solve personal debt, however it should ALWAYS be considered as a LAST RESORT, and the Court will expect you to HAVE considered any alternatives that you may qualify for.

Making yourself bankrupt is a big step to take and requires expert debt advice.

If you haven’t already received advice and are considering how to go bankrupt, you can use the online bankruptcy test tool, which will provide you with a free and confidential assessment of whether you qualify for bankruptcy and what impact it will have on your current situation.

Step 2: Find out which Court you have to apply to

You cannot choose the court where you declare yourself bankrupt. You must attend the court within the district where you have lived for the greater part of the last 6 months. Unless you live in London, this will be your local County Court. If you have a business, or had one within the last 6 months, you will need to apply at the County Court in the area where you traded.

To go bankrupt you will first need to complete the following forms. You can get the forms, free of charge, from a local court that deals with bankruptcy.

If you live or trade in London the Court you need to use will depend on how much your debts are:

• If you owe less than £100,000 you need to apply to the Central London County Court
• If you owe more than £100,000 you need to apply to the High Court

Read the rest of the guide here…