What does bankruptcy cost?
This guide covers England and Wales
The short answer
It costs £680 to apply to become bankrupt. If you are struggling to pay the fee, a charity may be able to help.
Bankruptcy has other costs too. Your income and your belongings can be used to pay for it and to pay towards your debts.
Editorial responsibility: IVAs & Bankruptcy — how we check and correct information.
The fee
The official fee to apply for bankruptcy is £680. You can only apply online.
If you ever decide to apply, the official service is on GOV.UK: Apply for bankruptcy. Talk to a free adviser first.
Help with the fee
GOV.UK says that if you are struggling to pay the fee, a charity may be able to help. A free debt adviser can tell you which charities to ask. Find free debt advice.
Other money costs
- Your spare income. The trustee works out how much you need to live on. If you have spare income, they may ask you to pay some of it towards your debts and the cost of the bankruptcy. This can last up to 3 years, even after the bankruptcy itself has ended.
- Things you own. If your things are valuable, the trustee may sell them. The money pays for the bankruptcy and goes towards your debts. This can include your home. See what can happen to your home.
- Bank accounts. The bank usually freezes your accounts. It can also take money from them to pay other debts you owe that bank.
- Debts that stay. Some debts are not cleared by bankruptcy, such as student loans, debts from fraud and secured debts like a mortgage.
Costs that are not money
- Your name and address are published. Your name goes on the Land Charges register, which lenders can search.
- You cannot borrow more than £500 without telling the lender you are bankrupt.
- You cannot act as a company director without the court’s permission.
- If you are self-employed, your business is very likely to be closed.
- It can stay on your credit file for 6 years from the date of the bankruptcy.
If someone else applies
If a creditor applies to a court to make you bankrupt, you do not pay a court fee to oppose it. But you might have to pay costs if you do not succeed. You can get free advice at this stage.
How other options compare
- A Debt Relief Order has no application fee, for people who meet strict rules.
- An IVA has fees that are taken from your monthly payments.
- Breathing Space is free to apply, but it is temporary.
What to do next
Before you pay anything, talk to a free debt adviser. They can explain every option, and some options cost nothing to start.
Free, independent debt advice
These services are free. They will not judge you, and they can look at your whole situation.
Free debt advice charity. They can talk through all your options with you.
Call free: 0800 138 1111 (number checked on their website on 24 October 2026)
Covers: UK
Free, confidential debt advice by phone and online.
Call free: 0808 808 4000 (number checked on their website on 24 October 2026)
Covers: England, Wales and Scotland
Free advice on debt, housing, benefits and more. By phone, online or in person.
Call free: 0800 144 8848 (number checked on their website on 24 October 2026)
Covers: England (this is the Adviceline number for England)
Free money guidance backed by government. It has a tool to find free debt advice near you.
Covers: UK
Related guides
- What is bankruptcy?How it works from start to finish.
- IVA or bankruptcy?Cost and other differences, side by side.
- What does an IVA cost?To compare.
- What is a Debt Relief Order?No application fee, strict rules.
Sources
- GOV.UK: Becoming bankrupt, applying (checked )
- GOV.UK: Becoming bankrupt, if someone is applying to make you bankrupt (checked )
- GOV.UK: Becoming bankrupt, your money and income (checked )
- GOV.UK: Becoming bankrupt, your home (checked )
- GOV.UK: Becoming bankrupt, after you become bankrupt (checked )
- Insolvency Service: How to get a Debt Relief Order (DRO) (checked )
- GOV.UK: Options for dealing with your debts, Breathing Space (checked )