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How much will it cost and how do I pay?

An application to make yourself bankrupt will cost approximately £350.

What happens when I am made bankrupt?

You will be interviewed by the Official Receiver to establish assets and liabilities as well as your income and expenditure.

Will I lose my house?

If the house is owned and has equity, you will have the option to arrange for a third party to purchase your share. If, however, this is not possible, it is likely the property will be repossessed and sold.

Will I lose my car?

This will be dependent on the type of vehicle. However, if it is not of significant value and is used for work, it is likely you will be allowed to keep the vehicle.

Will I be credit blacklisted?

Unfortunately, yes.

Do I have to appear in court?

Yes, if you petition yourself. If someone else petitions to make you bankrupt, you do not have to unless you wish to dispute the order.

Does my bankruptcy appear in the newspaper?

Yes, your bankruptcy will appear in your local newspaper.