Changing Status – The Costs

Of everything to do with the bankruptcy proceedings, I think I found the worst bit to be the costs involved. Yes, if you didn’t know (and why would you unless you’ve had to do it?) it costs a significant amount of money to declare that – um – you have no money.

It costs £175 for the court fee, to get everything processed. That’s not so bad, and I can pretty much understand that one.

The other costs is a stonking £525 for costs of administrating the bankruptcy. That one I have rather more issue with.

So all told, it’s £700 to pay in order to declare that you’ve got no money.

And yes, if you’re prepared to wait and go through the process of being declared bankrupt, it’ll cost you nothing (I think) but that takes significantly longer, so if you’re fiscally stuffed anyway, you’re just going to keep on juggling for longer.