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T O P I C R E V I E W
lucy_s
Posted - 21 February 2009 : 20:34:54 Hello,
I have an overdraft of 3000 and a carreer development loan of 4000, at the moment i am unemployed since i was made redundant, I have been living on benefits for the last six months and havent found a job and im unavailable to pay back this money. Should it be convenient to go bankrupt?
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 21 February 2009 : 20:57:10 Hi Lucy & welcome to the forum.
Bankruptcy would be possible in your position but it no easy fix. You need to consider your job prospects and how likely it will be for you to be able to service the debt repayments once employed.
If you do feel that you will inevitably need a fresh start then please consider the new Debt Relief Orders that come into being in April. It's a simpler process to bankruptcy, but with a similar outcome, and will cost you significantly less in the way of fees.
