Bankruptcy is one way for individuals to deal with debts they cannot pay. It can be filed online and the court fee to apply for Bankruptcy is £680.00.
Who can be made Bankrupt:
a) If you cannot pay the debts you owe
b) You creditors can apply to make you Bankrupt if you owe them £5000.00 or more.
c) An insolvency practitioner makes you bankrupt because you’ve broken the terms of an individual voluntary arrangement (IVA)