for less than 15K worth of debt and virtually no assets you would need to apply for a debt relief order, this is organised by the CAB.
the criterea for a DRO is quite strict, I do not have the link to hand but someone really nice will hopefully post a link. have a full read through the criterea
if you are outside of the criterea it will be a normal bankruptcy, that is the 32 page debtors petition
Debt Relief Orders are aimed at people in debt with low incomes and little assets to file for bankruptcy without the associated costs.
The following debts can be included in a Debt Relief Order
Unsecured Loans Credit cards Store cards Catalogue debt Overdrafts
A Debt Relief Orders will last for 12 months and you'll be:
It is protected by enforcement action from many of your creditors. You would be obliged to co-operate with the Official Receiver. you would be expected to repay your creditors if your circumstances improved.
Debt Relief Orders can be applied for online from a debt solution company. (I am not able to recomend one).
Debt Relief Orders are not suitable for everyone. I suggest that you speak to your local CAB for assistance - I am sure they wil guide you through.
Good luck and post back whenever you see the need to ask questions. I hope this assists you initially. Richard
what forms do you need to go bankrupt
Posted - 19 April 2010 : 17:56:49
