Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:

• free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and

• make sure your assets are shared out fairly among your creditors.

Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.

Further Information

This website contains various guidance publications regarding what happens in bankruptcy. You should pay particular attention to the following:

• A guide to bankruptcy
  Information about bankruptcy and its alternatives

• When will my bankruptcy end?
  Information about how long your bankruptcy will last

• What will happen to my home?
  Information about your home

• What will happen to my pension?
  This publication only applies to bankruptcies where the petition was presented before 29 May 2000

• Can my bankruptcy be cancelled?
  Information about getting your bankruptcy cancelled (annulled)

• What happens when you are interviewed by the Official Receiver
  Information about the process and timescale of a bankruptcy or compulsory liquidation.

• Bankruptcy Restrictions Orders

  • Bankruptcy Restrictions Schedule and Search
     

• What will happen to my bank account

• Dealing with Debt - How to petition for your own bankruptcy

For general enquiries on insolvency matters you can contact the Insolvency Service Insolvency Enquiry Line on 0845 602 9848; or email: Insolvency.Enquiryline@insolvency.gsi.gov.uk