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s.5
Junior Member
181 Posts |
 Posted - 08 January 2009 : 22:30:43
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| is there a limit to how much debt you need to be in before you can file for bankrupcy .i have debts just over £10.000 and have lost my job so have no way of paying |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 08 January 2009 : 23:49:35
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I believe the minimum is £99!
Its really not a case of how much debt but rather 'can you pay it?' The judge makes the decision on whether you are insolvent or not. My debt was £12,339, but was deemed too high to pay with current salary so BR was granted.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 09:11:21
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s.5
I have just advised someone that it may be worth waiting till April when the new debt relief orders are meant to come into force, here are some details on it, its not set in stone yet but will give you an idea.
Debt Relief Orders
Debt Relief Orders are intended to provide debt relief for people in England and Wales who owe £15,000 or less, have little or no income, no assets and cannot afford to make themselves bankrupt. A Debt Relief Order will lead to the debts being discharged after one year.
During the year that a Debt Relief Order is active, the applicant will be protected from their creditors and subject to similar restrictions to bankruptcy. If the applicant's financial circumstances change during the order, then they will expected to make arrangments to repay their creditors. There will be civil and criminal penalities for anyone abusing this system.
It will only be possible to obtain a debt relief order by applying to the official receiver through an approved intermediary. Debt Relief Orders are currently being finalised by the UK Government, so some information is not yet known.
A Debt Relief Order is for people with...
Debts of less than £15,000
Assets of less than £300
Income less than £50 per month
Take care & Keep posting
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
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/
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is there a limit to how much debt you need to be
