Do you only have these debts (ALL debts have to be included if you were to consider filing for bankruptcy)
If your debts are below £15k and you have no assets, (low value vehicle) and disposable income less than £50 (disposable income means money left from wages after you rent bills food etc have been paid)
If the answer to these questions is yes, then you may qualify for the Debt Relief Order (DRO)this has the same effect on you as bankruptcy, but the process is different - in tha you would need to make an appointment with your local Citizens Advice Bureau (CAB) - with one of their Money Adviser's to apply for a DRO the fee is £90 and only for people with debts under £15k - the full bankruptcy fee for those with debts over £15k is £700 - so it may well be that the DRO is a far better option for you. It lasts the same length of time as a bankruptcy order - 12 months
You will not have to attend Coury nor the Official Receiver as it is all dealt with at the CAB I hope this helps, if you have any other queries, please post and we will be happy to help
Melanie Nicholas CertDR 30 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Another option for debts that small is the rarely used administration order.
Although I would point out then perhaps the more pressing need here is. getting some help to balance your household budget, otherwise you will quickly be in the same position
Is it possible for me to declare bankruptcy as wages not even covering rent ?
Posted - 03 February 2012 : 14:57:47
