Posted on 12th February 2019 at 14:15
Bankruptcy is a multi-faceted beast- well, there are two ways of going bankrupt, and there are orders, assets, restrictions and registers to think of.
If you can’t pay your debts, then you could make an online application to go bankrupt. Despite what most people believe, the cost of going bankrupt isn’t cheap, and in some cases, is certainly not a ‘soft option’, there being an application fee of £680.00, and there is no guarantee that the adjudicator, this being the person who works for the Insolvency Service, and will review your application, will actually make you bankrupt.
The adjudicator will send an email within 28 days, confirming if the application is successful or not. If your application is unsuccessful, the £680.00 is not returned to you.