You can make yourself bankrupt however much you owe or a creditor can issue a bankruptcy petition if you owe £750 or more. Bankruptcy includes most debts except: student loans, court fines, maintenance, child support, budgeting loans and crisis loans. In most cases people are discharged from their debts after one year, but If you have spare income you may have to make payments for up to three years.
At the end of your bankruptcy most debts are written off. Bankruptcy may be a good option, particularly where you rent your home and have no assets.