How to declare yourself bankrupt

Action Plan:

Action Plan Resources Q&A Tips Journal Successes Discuss

Action Plan Overview

Personal bankruptcy isn't an easy option, but if you're struggling with unmanageable debts it is an option worth considering. We explain how to go bankrupt if it's the right choice for you.

		a	Find out: What is bankruptcy?
		b	Find out: What happens if you go bankrupt?
		c	Find out: How much does it cost to go bankrupt?
		d	Find out: What are the drawbacks of going bankrupt?
		e	Find out: Will bankruptcy have a long-term affect on your finances?
		f	Consider: Should you consider personal bankruptcy?

Join Our Community

Get fast answers to your money questions, Expert insight, top tips & much more...

		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn in bonuses?
		d	Find out: How much do you earn from overtime?
		e	Find out: How much do you receive in tax credits or benefits?
		f	Find out: How much do you earn in interest or dividends from savings and investments?
		g	Find out: What's your average monthly income?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Work out: How much do you spend each month?
		f	Work out: What's your disposable income?
		g	Work out: Do you spend more than you earn?

		a	Work out: How much do you owe in total?
		b	Work out: Can you afford to keep up repayments on all your debts?
		c	Decide: Do you need to cut back?
		d	Do: Start working to a careful budget
		e	Consider: How can you earn extra money?

		a	Find out: How much do you have in savings accounts?
		b	Find out: Are you paying more interest on your debt than you're earning on your savings?
		c	Decide: Should you use your savings to clear debt?
		d	Work out: How much of your savings should you put towards your debts?

		a	Do: Contact lenders if you're struggling with repayments
		b	Decide: Should you arrange a low rate credit card balance transfer?
		c	Find out: Can you cut your interest repayments using a credit card you already have?
		d	Decide: Should you consolidate your debts?
		e	Consider: Should you get a debt relief order?
		f	Consider: Should you get a debt management plan?
		g	Consider: Should you get an IVA?

		a	Do: Speak to a free debt charity
		b	Consider: Should you declare yourself bankrupt?

		a	Do: Petition the court for a personal bankruptcy order
		b	Do: Disclose all assets to the official receiver or trustee
		c	Do: Provide all relevant paperwork to the Official Receiver or Trustee
		d	Do: Co-operate with the Official Receiver or Trustee to arrange the sale of your assets
		e	Do: Stop using bank accounts and credit facilities
		f	Do: Stop making payments to your creditors

		a	Do: Make payments to the Official Receiver or Trustee as agreed
		b	Do: Live within your means
		c	Do: Inform the Official Receiver or Trustee if your circumstances change
		d	Consider: Should you open a basic bank account?
		e	Consider: Should you apply for a prepaid card?

		a	Find out: What happens once you get discharged from bankruptcy?
		b	Find out: How and when can you get your bankruptcy discharged?