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The information given on this page relates to going bankrupt in England or Wales. The time it takes to go bankrupt in Northern Ireland and Scotland is different.
Making the Decision to go Bankrupt
Deciding to go bankrupt should not be taken lightly. Before making any decision you must find out how it will affect you. Take your time and review the impact it will have compared to other debt solutions available to you.
You need to consider the implications for your property particularly if you are a home owner. In addition think about the affect on any other valuable assets such as your car.
It is also sensible to find out whether you will have to make ongoing payments towards your debts. If you have disposable income you are likely to be required to do so for 3 years.
Speak to us if you want help to decide whether bankruptcy is the right debt solution for you.
How long does it take to complete the Bankruptcy Application Form
In England an Wales your bankruptcy application is submitted on-line via the Government’s Bankruptcy website. You will have to register to gain access to the application form.
The form requires details about four key arears of your financial situation. The amount of debt you owe and to whom; Your income; Your living expenses and Assets.
If you have all of this information to hand it will normally take between 3-4 hours to fill out. You can save your work, log out and then log in again at a later date if you wish.