Changes to the process for people wishing to make themselves bankrupt take effect today for people living in England, Wales and Northern Ireland.
The changes mean there's no longer a paper application and the fee has been reduced from £705 to £655.
We've outlined the changes so you're fully aware of how to make yourself bankrupt. It's important that prior to submitting an application you seek debt advice to ensure
Application to Enter Bankruptcy
Previously, the cost to enter bankruptcy was £705 and you would have to submit your paper application to the local court. However, from today the process has been simplified and it's completed online.
The fee to proceed has also been reduced to £655 (£130 application fee and £525 for the management fee). You can make instalments online to save for the debt solution.
If you need help and assistance to complete the online bankruptcy forms you can receive guidance from Debt Support Trust on 0800 085 0226.
Before Entering Any Debt Solution
It's important that prior to entering bankruptcy you seek professional debt advice. While this may be the correct debt solution, by seeking debt advice you can fully understand the implications of entering the solution to deal with unsecured debts.
A debt advisor can explain what will happen with any assets you own, what debts can and cannot be included in bankruptcy and if you will be required to make payments into your bankruptcy each month from your disposable income.
Debt Support Trust can give you advice on bankruptcy and other debt solutions on 0800 085 0226.