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T O P I C R E V I E W
kim221183
Posted - 04 January 2009 : 20:32:00 how do they decide if your eligable for bankruptcy. do you have to have arrears or be unemployed or earn less that your outgoings.
2 L A T E S T R E P L I E S (Newest First)
debtrider
Posted - 05 January 2009 : 13:59:56 Hi Kim221183
Just because you are in arrears or unemployed doesn’t mean you have to go bankrupt.
You can go bankrupt if your debts are £750 or more and you cannot afford to pay them.
Basically if you have debts of £750 or more, have no job, are in arrears and no assets than bankruptcy as to be an option.
Get some professional advice if you are in debt and cannot afford to pay them.
Debtrider
dr_kitten
Posted - 04 January 2009 : 20:36:39 There are 2 ways of being eligible for BR - either you have to have more going out than coming in each month, or your total assets have to be worth less than your total debts.
I wasn't in arrears or unemployed when we went BR last year but our total debt far exceeded the value of our assets. My income covered outgoings not including debt repayment (and came nowhere close when it was included).
