Bankruptcy court costs and Professional fees
The UK Insolvency Debt Advice Service is dedicated to provide best advice at all times.
The helpline provides all initial advice without charging. If your case is referred to an Insolvency Practitioner or Debt Management firm a fee will be payable. Please click on the below links for further information:-
The Cost of Filing Bankruptcy
- £450 towards the administration of your bankruptcy. This is known as the deposit and must be paid to cover the bankruptcy costs.
- £150 court fee that may not have to be paid. In some circumstances the court may waive this fee, if you are on income support. If you are on not sure whether you qualify for a reduction in the fee or whether you are exempt from paying the fee, court staff will be able to advise you. To apply for exemption you need to obtain and complete form EX160.
- £12 if you swear the statement of affairs in the High Court or before a solicitor.
Please note that these are the prices for a single bankruptcy. Husbands and wives must apply separately. If you have traded as a partnership within the last 3 years you can apply for a joint voluntary bankruptcy.
Please note that in line with OFT debt management guidance, Money Advice Direct Debt Advice Service does not provide nor administer debt solutions itself. Instead the service will put you in touch with a licensed professional to arrange the debt solution.
Debt management plans are subject to status. Conditions apply. Repaying the debt over a longer period may increase the total amount to be repaid.
Your ability to obtain credit will be affected in the short term and might be affected in the medium term.
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]