i am 42 years old single male living in a flat which i rent from my parents. i owe approx £30,000 to various parties including loans and utilities etc. i am currently unemployed and have been on incapacity benefit for 4 months. i am now starting to look for work again but i am not expecting to get a well paid job in the current climate. i would like to draw a line between my past and future life, is bankruptcy a viable option for someone in my situation?
Hi there - if you cannot meet your monthly contractual repayments, which you obviously cannot do if you do not have employment bankruptcy may be the best option for you, particularly as you do not own your property. Anyone who owes over £750 can apply for bankruptcy. Bankruptcy does cost £495 (increasing to £510 from 1st April and you need to contact you local County Court to obtain the forms to enable you to file for bankruptcy, whilst on the phone to the Court to get the forms sent to you ask them when their next available date is, it is worth doing this when you get the forms as yyou may find that there could be a wait of up to 6 weeks! Forms are also available to down load online on the Insolvency Service website (type in Insolvency Service on a search engine)
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
is bankruptcy a viable option
Posted - 30 March 2009 : 13:25:32
