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How much will it cost to file bankruptcy?

Bankruptcy requires payment or fees that can be both personal and monetary. So, before driving in, be willing for the circumstances at stake.

Bankruptcy is not just signing a particular document. It can’t be accomplished with just a snap of your finger. The expenses in filing for bankruptcy vary depending on your area or location.

This bankruptcy information is intended for residents of England, Wales, and Northern Ireland. You may refer to Scotland sequestration for details about bankruptcy.

The Fees and Costs of UK Bankruptcy

Fees in England and Wales

You need a total of £680 to cover the expenses in filing for personal bankruptcy in England and Wales. You can pay for installments but the entire fees should be paid prior to submitting your bankruptcy.

  • A £130 fee for Adjudicator
  • A deposit worth £550 that you can get if you got rejected

Fees in Northern Ireland:

The fees in filing for bankruptcy in Northern Ireland differs from the other areas. The breakdown is as follows:

  • There is a £144 that you need to pay the court
  • The bankruptcy deposit also differs as it cost £525
  • Also, you need to pay £7 for the solicitor’s fee

The court fee can be waived in cases where you belong to the low earner or if you are getting certain benefits. Conversely, the bankruptcy deposit is compulsory so you are obliged to pay whether you can afford it or not.

The official receiver will conduct a thorough check of your finances and current financial constraints. This is to decide and arrange payments that you can afford. By doing so, the OR might impose an IPA or income payment arrangement that lasts for three years. So, if your spare money each month is more than £20 right after deducting the essential expenses, you are obliged to pay the debt under IPA.

One thing certain is that the OR or official receiver will not force you upfront payments that you cannot afford. They will sure to leave you with adequate money every month.

Furthermore, if you have assets or valuable items, or even savings and investments, the OR may ask you to dispose of these assets to compensate towards debt payment

The Fees and Costs Scotland Bankruptcy

Scottish Bankruptcy (Sequestration)

  • £150 Bankruptcy Accountant fee (may be lowered if you have benefits may it be joint or not)
  • £50 application fee for Minimal assets process or MAP (may be lowered if you have benefits may it be joint or not)

FREE bankruptcy advice that suits your needs

Make sure not to falter on the trap of bankruptcy when you still can come up with a realistic debt management plan. We are here to give you expert advice so you can get back on track and rebuild your finances. Get a FREE DEBT ADVICE TODAY!