How Long Does It Take To Go Bankrupt?

How Long Does It Take To Go Bankrupt

This section answers the question "How Long Does It Take To Go Bankrupt?"

Bankruptcy can be implemented very quickly but it can vary depending on your individual circumstances...

So How Long Does Bankruptcy Take:

Going bankrupt can take anything from a few weeks to a few months. It depends on where you live and how busy your local Bankruptcy Court is. Some courts are larger than others and some are busier. If you live in the London for example, you would use the High Court and generally there is no waiting list at all. Also some Courts require you to book an appointment and some offer a "wait in line" service.

You will also need to have the Bankruptcy Court fees and Official Receivers Deposit, which totals £705. (See Bankrupty Costs for full details)

How long does it take to complete the Bankruptcy Application Forms?

You need to complete the necessary bankruptcy forms, before you can apply to go bankrupt. They consist of:

• The petition (Insolvency Rules 1986 form 6.27) - this form is your request to the Court for you to be made bankrupt and includes the reasons for your request.
• The statement of affairs (Insolvency Rules 1986 form 6.28) - this form shows all your assets (anything that belongs to you that may be used to pay your debts) and all your debts, including the names and addresses of the creditors and the amount you owe each one. The form contains a declaration of insolvency that you will need to swear on oath before an officer of the court or a solicitor. You may have to pay an extra fee for this (See Bankrupty Costs for full details).

The time needed to complete your forms correctly, depends on how good you are with paperwork, and how complex your situation is. All paperwork must be completed correctly before you go to the Court.

Fast Track Bankruptcy Service:

Our Fast Track Bankrupty service can complete your bankruptcy application within 2 weeks (subject to Court availability, and of course you wishing to proceed this quickly). We will contact the relevant Court and book your bankrupty appointment for you. You will be assigned your own personal bankruptcy advisor, who will fill in your bankruptcy forms with you, making sure they are complete and correct. They are also available 7 days a week to answer and questions you may have and to ensure your bankruptcy proceeds as quickly and as simply as possible.

• Last updated 05 January 2016

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