How Much Will It Cost To Make Myself Bankrupt?

You may have to pay 3 fees when you take your petition and statement of affairs to court:

• The court fee of £150. In some circumstances the court may waive this fee; for example, if you are on Income Support. If you are not sure whether you qualify for a reduction in the fee or whether you are exempt from paying the fee, court staff will be able to advise you.

• The deposit of £360 towards the costs of administering your bankruptcy. This deposit is payable in all cases.

• The fee to swear the statement of affairs. In a county court, no charge is made to swear this affidavit, which is part of the statement of affairs. But in the High Court or before a solicitor there is a £7-10 charge.

If you are a married couple and you are both applying for bankruptcy, you will each have to pay separate fees. If you were in business as a partnership, each partner will have to pay separate fees, unless all the partners apply for a joint bankruptcy petition under the Insolvent Partnerships Order 1994 (Form 16). Form 16 is available from the court or a copy can be printed from The Insolvency Service website at: www.insolvency.gov.uk

The above fees should be paid in cash or postal orders, or by a cheque from a building society, bank or solicitor. Cheques should be made payable to H M Paymaster General. Personal cheques will not be accepted.

Are you sure declaring bankruptcy is the only option?

But before you apply for bankruptcy make sure you’re certain you’ve considered the following questions:

• Would an IVA help me in my situation?
• Could a Debt Management Plan solve my problems?