Published in Debt Advice Features on Friday, October 13 2006 by Ideal Debt Solutions
The majority of people who petition for their own bankruptcy do it not because they don’t have any money, but because they do not have enough money left over once they have covered their day to day living expenses to make any payments to their debts. Although the majority of people who petition for their own bankruptcy do so due to an unfortunate or unforeseen change in circumstances, it is required of them to pay a fee towards the cost of their own bankruptcy.
There are 2 fees to pay when you make yourself bankrupt, (payable per person) you pay the fees at court on the date of your bankruptcy hearing, the fees are:-
The Application Fee (The fee taken by the court for processing your bankruptcy petition)
£150.00
The ORs Deposit (The fee to the Official Receiver for dealing with your bankruptcy)
£325.00
Dependant on your income and whether you are in receipt of benefits you may be eligible for exemption from paying the application fee, see article “Bankruptcy; The Forms”
Please note that it will cost £7.00 for you to swear on the Affidavit if you are going to the High Court in London