Hi, is there any minimum period of time you need to be in debt for in order to make yourself bankrupt also is there any possibility that they can come and take things like sofa's, tv, wife's car etc, from my family.
The Insolvency Act is there to provide relief from debt for anyone who has debts over £750 and cannot repay, although depending on the debt level bankruptcy may not be the first option
If your debts are under £5k you may apply for an Administration Order If your debts are under £15k you may apply fro a Debt Relief Order from 6th April (providing you have no assets eg property).
The Official Receiver will not remove household items or items which do not belong to you (ie your wife if only you are bankrupt). The value of any vehicle a person owns who is bankrupt is a factor on whether it would be siezed by the OR.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
There isnt really a minimum time period in which you should possess debt. However if you take out credit knowing full well that you cant maintain these payments, these may give the OR ammunition to take further actions against you. So dont be taking out a loan just before your bankruptcy!
Hi, is there any minimum period of time
Posted - 22 February 2009 : 13:01:31
