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T O P I C R E V I E W
sott1967
Posted - 18 February 2009 : 16:08:49 Hi all,
Which scenario is worse in bankruptcy ?
a) smaller debt but all aquired just before declaring 35k b) larger debt but aquired over a longer period and not just before bankruptcy 100k
Thanks scott
1 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 18 February 2009 : 16:29:24 No difference what so ever!
the definition of bankruptcy is being insolvent in that you cannot afford to repay your debts - how the debt is made up is irrelevant bankrupt is bankrupt - £3,500 maybe £350,000 if you have no income you still cannot pay it, as to the amount in bankruptcy, again all relative. The only time things are deemed different or 'more serious' is when someone had deliberately incurred debt with the full knowledge they were unable to pay - in essence this is fraud and why a BRO may be considered. The actual level of bankruptcy is usually relevant to the income which is or was coming into the household.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
