Hi my name is Frank need help here,I am think on declaring myself bankrupt and abit worried of the OR final desicion on the restriction order. Firstly I have accumalated a large amount of debt throguh a mixture of gambling / purchasing and normal daily expenses from a loan and a few credit cards over the past 7-8 years. For the past year or so I went through 3 DMP and have come to a point I cannot cope with payments as I have not been working since I took full custody of my child in 2004. My only income are the benefits I am entitled to, and have been selling off my possessions when months got very sticky, I've been doing this for around 6-7years now I owe a total of £28,000. Can you help and advice me if bankrupcy is my best option
Looks like you have tried to pay back your debt with a DMP, but if you still cannot cope then Bankruptcy may be the only option.Bankruptcy will relieve you from your debt so you can start again. It is always difficult to advise anyone when not knowing their full circumstances. As far as getting a BRO then that is down to the OR. Although you have accumulated some of your debt through gambling, it does not mean you will automatically get a BRO. There is nothing set in stone regarding whether you will a BRO or not, but if you did get one then it's not the end of the world. This would be a better option then your uphill struggle with paying your debts.
Can you help and advise me if bankruptcy is best option ?
Posted - 29 June 2011 : 20:58:21
