How Much Does Bankruptcy Cost?
Bankruptcy is not the only option available to you and will result in your credit rating being affected for at least 5 years after you have filed for Bankruptcy.
There are 3 different fees that are relevant to becoming bankrupt. Firstly the court fee – In some circumstances the court have waived the fee. Court officials will advise you on whether you qualify for a reduced or no fee whatsoever. The charges are £150 for the court fee which can be returned depending on your circumstances but the bankruptcy administrator in the court will usually decide this.
There is also a cost of administering your bankruptcy which requires a £450-00 payment. This is payable on every bankruptcy application and is non refundable.
The 3rd fee is a fee to swear the statement of affairs this is normally a smaller cost that will depend on which type of court you attend.
If you are married and both looking to file for bankruptcy you will both need to pay separate fees. Also if you are a partner in a business you would also need to pay separate fees. Basically for each individual looking to file for bankruptcy there will be individual fees applied and there is no way to combine the cost in any way.
Although these are the costs of the filing process it is important that you think about future costs involved as well. For example gaining credit will be very difficult and may mean that once you can get credit you are only offered higher APR services resulting in more costs for you as an individual going forwards.
Your costs could run into thousands but if it is the only option left for you we are able to help you. Our free debt calculator will only take you 60 seconds to complete and will mean that you have a professional company dealing with your issues.
