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phoenix
Starting Member
1 Posts |
 Posted - 04 January 2009 : 20:34:52
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| I have 4-5 debts and owe between £5000-£10,000 i earn £1000 a month i have to pay car insurance petrol to and from work i owe my sister money, rent and i have a partner who doesnt work and a 5 month old baby would i be intitled to declare bankruptcy and how much would it be? |
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John
New Member
United Kingdom
73 Posts |
Posted - 05 January 2009 : 00:28:26
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Hi
you can declare bankruptcy for the sums you have mentioned which will cost £495 in court and other fees.
Alternatively, if you can hold out until April it's expected that the new Debt Relief Orders willl come into being. These are for debts of up to £15K and for those with no assets and less than £50 per month disposable income.
The benefits are the cost will be lower (approx £100 I believe) and the debts are written off without actually declaring bankruptcy.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 05 January 2009 00:28:45 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 January 2009 : 08:32:44
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Hi Phoenix
I would do as John has suggested, if you can hang it out wait for the new law to come in and you can then deal with your overwhelming debts that way.
It is not that long away, and so if you can bide your time till then i think it may be the better option for you.
Best of luck
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 05 January 2009 : 09:57:53
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You could also look into a debt management plan, which might give you a bit of breathing space. It might be worth a phone call to the CCCS.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
18 IPA payments to go! |
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I have 4-5 debts and owe between £5000-£10,000
