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| jane.hh |
Posted - 24 March 2010 : 11:11:27
How much does a person in the UK have to owe to creditors to make themselves bankrupt? If the person is on disability benefit can they get help with the costs? |
| 2 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 24 March 2010 : 11:28:50
Hi
Welcome to the forum.
In answer to your question, there is no actual figure to enable you to go bankrupt. There are, of course, a number of options to consider if you are insolvent and having problems meeting your outgoings.
If they are modest then BR may not be the only or best solution. You may be better off looking at a Debt Management Plan or an IVA for example. You could even look at an informal arrangement with your creditors.
It will really depend on your income, whether you have any assets and other factors. All options will have pros and cons.
You may want to consider the following:
Contact the CAB in your area and run through the situation with them. They will be free and be able to point you in the right direction - it may take you a while to get an appointment and their time is always limited, but a good starting point for many.
You could contact CCCS free and get their information pack - they also have a helpline - downside, you have to do the work yourself - but they will give some (limited) support.
You could contact one of the experts that post here - specifically Jones Giles and Reviva - see contact details on the left of the page. Their advice is amongst the best that is available.
You could post back here with a bit of a pen picture and I am positive that someone will be able to share experiences with you and get you on the correct path for your situation.
Remember, that you are not alone, there are millions of people in debt that cannot be managed without a solution.
There are cirrently over 130,000 bankruptcies every year. As well, of course the vast numbers of DMPs, IVAs etc.
Come back as you see necessary and this forum will try to help you get through.
regards, Richard 
"There are no problems - only solutions" |
| debtinfo |
Posted - 24 March 2010 : 11:28:42
There is no set figure, just that you are unable to pay your debts as they fall due. If your income is from benefits only then you can get a £150 court fee exemption |
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