For all the difficult, distressing and complex financial issues that may well be confronting everyone in financial difficulties, the actual process of going bankrupt is relatively quick and simple. Court officials can even be sympathetic. As one lawyer put it they are not going to give you advice or a hug but they have got a big box of tissues to hand. And it can be a relief just to hand over the problems to somebody else. Especially someone like an official receiver who at least is familiar with the territory.

The Official Receiver is often portrayed as some kind of feudal inquisator which in a sense he or she is, but most of the time he or she can be more sympathetic than creditors and be a genuine help in re-constructing your life. Generally feedback is a feeling of enormous relief that that chapter is over.

So here it is. How to declare yourself bankrupt.

1. Your local county court will have a bankruptcy pack that contains all the forms you need
2. Fill the forms in and take them back to the court and get them checked by a clerk
3. You have to pay £485 of which £150 goes to the court costs. If you are on income support, it can sometimes be waived.
4. You then see a judge in private. He or she asks a few questions to satisfy himself that this is the right decision for you. He then makes the order
5. You then need to see the Official Receiver, which can happen straightaway or in the next few days
6. If there is enough money coming in, then you may be required to pay back some debts over three years. Usually you will be discharged within a year

Now just because you know how to do it doesn’t mean you should. Before you decide that Bankruptcy is the way forward for you get some professional advice. There are less drastic alternatives like an IVA or Debt Management Plan.

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