Updated October 2026 · Fraser Bond
Debt · Bankruptcy
Declaring yourself bankrupt
£680fee
Onlineapplication
Homemay be sold
DROalternative
In short: You can apply to make yourself bankrupt online through the Insolvency Service, paying a £680 fee. An adjudicator decides your application. If made bankrupt, a trustee takes control of most of your assets, and your share of a home you own may be sold, though this can take time and family members may be able to buy the share. Bankruptcy usually lasts a year, but affects your credit for six years. Renting can be harder, though landlords can't refuse you just for receiving benefits. Get free debt advice first: a Debt Relief Order or IVA may be better.
| Option | Suits |
|---|---|
| Debt Relief Order | Low income and assets, debts up to £50,000 |
| IVA | Regular income, wish to keep home |
| Bankruptcy | Can't repay; no other route |
Alternatives
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Will I lose my house if I go bankrupt?
Your share may be sold; get advice.
Can I rent after bankruptcy?
Yes, though referencing may be harder.
