How Do I Declare Myself Bankrupt?

Updated for 2026

If you are struggling with debt and wondering how to declare myself bankrupt, you are not alone. Thousands of people across England and Wales apply for bankruptcy each year. This guide covers the full process, costs, asset implications, and alternatives.

What Does It Mean to Declare Myself Bankrupt?

Bankruptcy is a formal insolvency process that writes off most of your unsecured debts. Once declared bankrupt, you are usually discharged after 12 months, meaning those debts are cleared and creditors can no longer chase you for payment.

In England and Wales, you apply for bankruptcy yourself through the online bankruptcy service on GOV.UK. The process is handled by the Insolvency Service and an Official Receiver is appointed to manage your case.

Bankruptcy is a legal status. It appears on the Individual Insolvency Register and stays on your credit file for six years.

How Do I Declare Myself Bankrupt? The Step-by-Step Process

The process to declare yourself bankrupt in 2026 is straightforward, though it requires careful preparation.

Step 1: Check Your Eligibility

You can apply if you live in England or Wales. There is no minimum debt level, but the application fee is £680.

Step 2: Gather Your Financial Information

You will need a full list of your debts, income, monthly expenses, and details of any assets.

Step 3: Complete the Online Application

Applications are made through the GOV.UK adjudicator service. You fill in your details, pay the £680 fee, and submit.

Step 4: The Official Receiver Takes Over

Once approved, the Official Receiver contacts you to discuss your finances and circumstances.

Step 5: Discharge After 12 Months

Most people are automatically discharged after 12 months. The debts included are written off permanently.

How Much Does It Cost to Declare Myself Bankrupt?

The total cost of bankruptcy in 2026 is £680. This covers the application fee and Official Receiver deposit. The fee must be paid upfront online.

If you cannot afford it at once, you can save towards it. Some councils and charities may help in certain circumstances.

What Happens to My Assets and Property?

The Official Receiver reviews your assets. Everyday household items and work tools are usually protected.

Valuable assets may be sold. If you own property, your equity could be at risk. Your car may be kept if essential for work. Pensions are generally protected.

Which Debts Are Written Off by Bankruptcy?

Bankruptcy covers most unsecured debts: credit cards, personal loans, overdrafts, catalogue debts, utility and council tax arrears.

Some debts are not written off: student loans, child maintenance, court fines, fraud-related debts, and secured debts like mortgages.

Alternatives to Declaring Yourself Bankrupt

Before you declare yourself bankrupt, consider these alternatives.

Individual Voluntary Arrangement (IVA)

An IVA is a formal agreement to repay a portion of debts over five or six years. It can protect your home.

Debt Relief Order (DRO)

A DRO costs just £90 and is for debts under £50,000 with low income and few assets.

Debt Management Plan (DMP)

A DMP lets you make reduced monthly payments informally.

County Court Administration Order (CCAO)

A CCAO lets you make one payment to court for debts under £5,000.

Life After Bankruptcy: What to Expect

During the 12-month period, you face restrictions on borrowing and directorships.

After discharge, most restrictions lift. Bankruptcy stays on your credit file for six years. Many rebuild credit within two to three years.

Getting Free Debt Advice

Speak to a free debt advice service before deciding.

Financial Disclaimer

The information on this page is for general guidance only. It does not constitute financial advice. We strongly recommend speaking to a qualified debt adviser before making decisions about bankruptcy or debt solutions.

Need Help With Your Debt?

Whether bankruptcy is the right path or an alternative suits you better, we can help point you in the right direction. Get in touch for free, confidential guidance.

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