Anyone considering bankruptcy will find themselves unable to pay their existing debts so it may come as a surprise to learn that it could cost you hundreds of pounds to declare yourself bankrupt .

Unfortunately, there are also a number of fees to be paid when petitioning for bankruptcy.

In England and Wales, there is the court fee of £150 and you are also required to pay a deposit of £325 towards the costs of administering your bankruptcy. You may also have to pay a £7 fee to swear the statements of affairs, but only if you do this in the High Court or before a solicitor. That's a worse case scenario of £482.

If you are married and you and your partner are both applying for bankruptcy, you will each have to pay separate fees in which case it could cost more than £900 for a couple to petition for bankruptcy.

If you were in business as a partnership, each partner will have to pay separate fees, unless all the partners apply for a joint bankruptcy petition under the Insolvent Partnerships Order 1994 (Form 16).

You may be eligible for a reduction in the court fee and may be able to get help with paying the administration deposit. For more on this please see How to make yourself bankrupt if you live in England or Wales.

In Scotland where personal bankruptcy is known as sequestration, it currently costs £63 to start sequestration proceedings in court. If you ask a solicitor to draw up and present the petition in court instead of doing it yourself, they will charge you unless you are eligible for legal aid.

Any other fees due in Scotland will be paid for from the sale of your asets by your Trustee.