Personal Bankruptcy

Personal bankruptcy is a legal process that can help individuals who are unable to pay their debts. This guide explains the process, costs, and what to expect.

What is Personal Bankruptcy?

Personal bankruptcy is a formal insolvency procedure that allows individuals to deal with debts they cannot pay. When you declare bankruptcy, your assets are used to pay off creditors, and most remaining debts are written off.

Bankruptcy typically lasts for 12 months, after which you're usually discharged and can make a fresh financial start.

Your Responsibilities During Bankruptcy

During bankruptcy, you must:

• Cooperate with the Official Receiver and trustee
• Provide full details of your financial situation
• Not obtain credit over £500 without disclosing your bankruptcy
• Not act as a company director without court permission
• Hand over assets that can be sold to pay creditors

Court Fees for Bankruptcy

The cost of applying for bankruptcy varies by region:

Consultation Costs

Before applying for bankruptcy, it's important to seek professional advice. Our consultation fees start from £150 for a comprehensive assessment of your situation and guidance on the best path forward.

Why Choose STP Finance for Bankruptcy Support?

• Expert guidance through the entire bankruptcy process
• Clear explanation of your rights and responsibilities
• Help with paperwork and court applications
• Ongoing support during and after bankruptcy