I want to go bankrupt, but I do not know how to do this or what happens? Rog
Without more information, it is difficult to advise if bankruptcy is your best option.
Bankruptcy is a form of insolvency, and does affect your credit, just as all forms of insolvency can. However if you are struggling to repay debts, your credit has probably already been affected.
As to what is your best option will depend on the following:
How much you owe?
Are the accounts in just your name?
Are you working?
Do you have any assets, such as property?
This limited information can allow me to advise you further.
The process of Bankruptcy itself is fairly straightforward:
You can file online
Pay the fees and in instalments, the fees are currently £680
An OR or Official Receiver will be appointed to look over your filing
If you have no assets or surplus income after your allowed expenses, you will be discharged in 12 months
Depending on your level of debt, if less than £30,000, you may want to look into a DRO, or Debt Relief Order.
Get back to me and we can look closer at your situation.