If you want to make yourself bankrupt you should contact your local court to obtain the contact details of the nearest county court dealing with bankruptcy. Ironically, you'll have to pay a fee to the court.
The Official Receiver is a civil servant and the officer of the court responsible for administering bankruptcies. One of the Official Receiver's main duties is to investigate your financial affairs for the period before and during your bankruptcy.
You'll have to provide a full list of your assets and what you owe. Then you hand over these assets to the Official Receiver, along with all your financial records, bank statements and property.
The Receiver then puts an immediate block on your bank, building society and similar accounts. If you try to obtain further credit, you'll be committing a criminal offence.
The Official Receiver informs your creditors that you are bankrupt and tells them how much money will be shared out in the bankruptcy. The costs of the bankruptcy proceedings, including any fees owed to the Official Receiver, are paid first from the money made available by the sale of your assets. Creditors then have to make their formal claims by a certain date.
If you own your own home, it will almost certainly have to be sold to go towards paying your debts. However, your husband or wife, whether or not a joint owner, may be able to put the sale off for up to a year.
If you rent, although the Official Receiver has no powers to repossess, he'll inform your landlord that you're bankrupt.
Once bankrupt, it's a criminal offence for you to obtain credit of £250 or more, either alone or with another person, without disclosing your bankruptcy.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.