Bankruptcy
Bankruptcy is a formal insolvency process in England and Wales. It can clear some debts but has significant consequences for assets, credit and financial affairs.
Bankruptcy is a formal insolvency procedure. It can be an appropriate route in some circumstances, but it can also affect assets, income, credit and certain professional or business activities.
Current application cost
GOV.UK currently states that an individual application for bankruptcy in England and Wales costs £680. The fee can be paid in instalments, but the application cannot be submitted until the full fee has been paid.
Before applying
GOV.UK tells applicants to check other options for dealing with debt before applying. The application requires detailed information about income, outgoings and debts.
Why advice matters
Bankruptcy can have significant effects on property, assets and financial affairs. Those effects vary according to circumstances. A debt adviser can explain alternatives and the practical consequences before an application is made.
This page focuses on England and Wales.
Primary sources
- GOV.UK: Apply for bankruptcyPrimary or public authority source, checked 2 November 2026.
- GOV.UK: Options for dealing with your debtsPrimary or public authority source, checked 2 November 2026.
- MoneyHelper: Debt Advice LocatorPrimary or public authority source, checked 2 November 2026.