Guidance

Guide to Bankruptcy

Full guidance on what happens when you're made bankrupt.

From:
The Insolvency Service
Published
15 October 2015
Last updated
9 January 2025 바카라 사이트� See all updates

Applies to England and Wales

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Guide to Bankruptcy

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There바카라 사이트檚 a different guide if you are a creditor who has applied to bankrupt someone who owes you money

Bankruptcy is one way for individuals to deal with debts they can바카라 사이트檛 pay. It doesn바카라 사이트檛 apply to companies or partnerships.

This guide tells you how to apply to be made bankrupt and what happens when the bankruptcy order has been made. Contents include:

  • what bankruptcy means
  • who can be made bankrupt
  • costs
  • the process
  • what happens to your assets
  • payments from your income
  • when your bankruptcy will end
  • cancelling your bankruptcy (annulment)
  • advertising your bankruptcy
  • bankruptcy and transgender
  • how to complain
  • how we use and collect information

Becoming bankrupt is not the only way to deal with debt, look at the other options and seek debt advice before applying for bankruptcy.

Please Note

This guide provides general information only and is not a substitute for professional legal or financial advice.

Every effort has been made to ensure the information is accurate, but it should not be relied on as a full authoritative statement of the law. The Insolvency Service cannot accept any responsibility for any errors or omissions as result of negligence or otherwise.

Updates to this page

Published 15 October 2015
Last updated 9 January 2025 show all updates

  1. Updated Insolvency Service bankruptcy administration fees.

  2. Guidance has been updated in line with the DRO threshold increase from 拢30,000 to 拢50,000. The single vehicle value has also been increased from 拢2,000 to 拢3,250 - in line with the new value for Bankruptcy.

  3. The amount allowed for the reasonable replacement of a motor vehicle has been increased from 拢1,250 to 拢2,000.

  4. 6.3 amendment to reflect that the IPA or IPO can be updated on income or spending changes 6.4 Removal of bullet point allowing a trustee to reduce or stop your payments if your income has gone down 7.1 replaced discharge email address with Insolvency Service online contact form

  5. Court fees and replacement car guid price updated

  6. DRO limit change

  7. Document updated at 2.1 to reflect exit from EU

  8. Clarification of the role of an Insolvency Practitioner

  9. Amendments relating to vehicles owned under finance agreements.

  10. Changed in line with the Insolvency (England and Wales) Rules 2016.

  11. Updates to advertising your bankruptcy and cancelling your bankruptcy.

  12. Updated to reflect new fees

  13. Change to what happens to my motor vehicle

  14. Amended to reflect new process for applying to make yourself bankrupt

  15. Correction to section 8.2 Insolvency register on annulment

  16. Updated to reflect statutory fee changes

  17. First published.

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