As of the 1st June 2011, the standard charge to declare yourself bankrupt is £700 payable on the day you attend Court. This is made up of a court fee if £175 and a bankruptcy deposit of £525.

If you are claiming certain benefits or have a low income you may be eligible to waive the court fee which will reduce the cost to £525.

The cost of Bankruptcy can be off putting, however there are a number of tips you can use to get the required funds together:

Save the money – If you are still doing so, stop paying your unsecured creditors. Save the money you would otherwise have paid them and put this towards your bankruptcy fee. Of course your creditors will demand payment from you, however once you have declared yourself bankrupt, any further collection activities have to stop .

Borrow the money – Of course you can borrow the court fee from friends or family. Alternatively if you have available credit on a credit card account or you overdraft, you can use this to draw cash and pay for your bankruptcy fee.

How to Start

Got a question? Why not use the Bankruptcy Forum which gives you direct online access to debt management experts

Call us now on 0800 077 6180 to discuss how Bankruptcy could solve your debt problem