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Bankruptcy Questions & Answers

Bankruptcy Advice & Guides, find the answers to the questions you are most likely to want answered if you are considering bankruptcy or looking for an alternative to bankruptcy.

bankruptcy questions
Can I Go Bankrupt?

Use our FREE online Bankruptcy Qualification Check to see if Bankruptcy could be the right option for you.

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Use our Free Online Bankruptcy Qualification Check to see if Bankruptcy could be the right option for you.

How Long Does It Take To Go Bankrupt?

So how long does it take to go bankrupt? Bankruptcy can be implemented very quickly but it can vary depending on your individual circumstances...

Click here to read our full guide to "how long does it take to go bankrupt?"

What Is A Bankruptcy Petition?

This section covers what will happen to you if file a bankruptcy petition or if you have received a creditors bankruptcy petition. There are three ways a bankruptcy petition can take place in the UK.

  • You can petition for bankruptcy, known as a debtor’s petition
  • A creditor’s petition, for a creditor to apply for a bankruptcy order to be made against you
  • A supervisor’s petition, which your supervisor in an IVA would use
Read our full guide to bankruptcy petitions...

What Is A Statutory Demand?

A Statutory Demand is a formal document which can be issued if you have failed to make payments to a debt. This is the first step of the legal process a creditor may use to make you bankrupt to recover their money. Read our full guide to Statutory Demands...

How Much Does Bankruptcy Cost?

If you're considering going bankrupt, you need to know how much bankruptcy costs. The cost to go bankrupt depends on where you live in the UK and also your personal circumstances.

Read our full guide to the cost to go bankrupt...

What Will Happen To My Home If I Go Bankrupt?

The Official Receiver or the trustee (if an insolvency practitioner has been appointed in place of the Official Receiver) may have to sell your home to go towards paying your bankruptcy debts.

Read our full guide to what happens to your home in bankruptcy...

If I Go Bankrupt Can I Rent a House?

Bankruptcy does not legally effect your right to rent a house, as it is not an asset. However most tenancy agreements have a clause in them stating what happens if the tenant goes bankrupt.

Read our full guide to can you rent a house if you go bankrupt...

Can I Keep My Car If I Go Bankrupt?

The ownership of your vehicle will be affected by bankruptcy whether it's owned outright by you, or if you're paying for it through a finance package.

Your car or any other motor vehicle is an asset. The official receiver can sell your vehicle to help pay your bankruptcy debts.

Read our full guide to what happens to your car in bankruptcy...

What Happens To My Assets In Bankruptcy?

When you are declared bankrupt, you surrender all your assets, i.e. possessions of value, including any interest in your home.

The Trustee must be informed of all assets, it is their decision as to what you can keep. They will arrange for their sale, using the proceeds to pay the fees, costs and expenses of the bankruptcy, before paying the creditors.

Read our full guide to what happens to your assets in bankruptcy...

What Happens To My Pension If I Go Bankrupt?

Part or all of your pension may be claimed by your trustee in bankruptcy, whether you are receiving it now or it is due in the future.

When he or she has all the information about your pension, the official receiver or your trustee will be able to tell you what part, if any, of your pension is being claimed as an asset in your bankruptcy.

Read our full guide to what happens to your pension if you go bankrupt...

Which Debts Are Not Included In Bankruptcy?

You may be wondering what types of debt are included in bankruptcy. Bankruptcy writes off most types of debt, but not all of them.

Child maintenance arrears, criminal fines from a magistrates' court or Crown Court, fraudulent debts and student loans are some of the debts that can not be included in bankruptcy.

Read our full guide to which debts are not included in bankruptcy...

What Happens To My Bank Account If I Go Bankrupt?

When you are declared bankrupt, you must stop using your cheque book and bank cards, and immediately surrender them to the Official Receiver.

Accounts are normally frozen by the bank when they are told about your bankruptcy by the Official Receiver.

Some banks allow bankrupts to continue to use existing accounts.

Read our full guide to what happens to your bank account if you go bankrupt...

What Happens At My Bankruptcy Hearing?

At your bankruptcy hearing, a district judge will consider the bankruptcy petition to decide whether or not to make a bankruptcy order. Once a bankruptcy order is made, you are then officially bankrupt.

You and the Official Receiver attend the Bankruptcy Hearing. Creditors can also attend the bankruptcy hearing if they wish.

Read our full guide to what happens at a bankruptcy hearing...

What Is The Official Receiver?

The Official Receiver is a civil servant in The Insolvency Service and an officer of the court. They are notified by the court when you go bankrupt. Once the Court has declared you bankrupt the official receiver will ask you to attend an interview with them to investigate the causes of your bankruptcy, check if you have any assets and assess your income and expenditure based on strict guidelines.

Read our full guide to what is the Official Receiver...

Bankruptcy Advice

Making yourself bankrupt is a big step to take and requires expert debt advice.

If you haven't already received advice from us and are considering how to go bankrupt, you can use our online bankruptcy test tool, which will provide you with a free assessment of whether you qualify for bankruptcy and what impact it will have on your current situation. We'll also send you our "Free Guide to Bankruptcy" by email.

Or, if you’d prefer to speak to us, call our FREE Bankruptcy Helpline on 0800 368 8231 (freephone, including all mobiles).

Bankruptcy Alternatives

Bankruptcy can be an effective way to solve personal debt, however it should ALWAYS be considered as a LAST RESORT, and the Court will expect you to HAVE considered any alternatives that you may qualify for.

Before you apply to go bankrupt make sure you're certain you've considered the following questions:

Need Bankruptcy Advice?

Our panel of specialists can quickly advise you on what to do if you are considering going bankrupt. Simply call the team FREE on 0800 368 8231.
Alternatively take the online bankruptcy test and check if you qualify.

How long does it take to go bankrupt

How Long Does It Take To Go Bankrupt?

  • by Emma
  • January 07, 2016

So how long does it take to go bankrupt? Bankruptcy can be implemented very quickly but it can vary depending on your individual circumstances...


dealing with debt collectors

How To Deal With Debt Collectors

  • by Admin
  • June 22, 2015

Have you received a letter or call from a debt collection agency. In this guide we'll expain how to deal with debt collectors...


attachment of earnings

A Guide To An Attachment of Earnings Order

  • by Admin
  • June 23, 2015

Have you received a letter threatening an attachment of earnings. In this guide we explore what an attachment of earnings order is, how they work and how to defend...


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The ATN Group provides insolvency solutions to individuals throughout the UK; specialising in IVAs, CVAs, Liquidations, Protected Trust Deeds, Bankruptcy, Sequestrations. We do not administer or provide advice solely relating to debt management products, such as Debt Management Plans or Debt Payment Plans under the Debt Arrangement Scheme. We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for one of our insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency appointment.