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T O P I C R E V I E W
sgr
Posted - 08 April 2009 : 22:51:24 well we got help as we should have done in the first place so things might get better now.people are telling me there is new legislation starting today i.e bankruptcy,does anyone know what this is?
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 08 April 2009 : 23:33:28 Hi
I think you may be refering to the new Debt Relief Order.
It is similar to bankruptcy but you won't need to go to court or have an interview with the OR. The repercussions and conditions of bankruptcy apply in the same way.
Your debt must be less than £15K you must have a total asset value of no more than £300 including car. You must not own a property, even if in negative equity, and you must have a maximum £50 per month disposable income and no prospect of that situation improving in the foreseeable future.Thus there will be no chance of an IPA.
You must go to an Insolvency Service approved body, predominantly the CAB at present, and fill in the forms and pay £90 as opposed to the current standard bankruptcy fee of £510 (just been increased from the previous £495).
So it won't help everyone but it will reduce the court and OR office time significantly.
