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kerridg
Starting Member
1 Posts |
 Posted - 14 July 2009 : 22:11:04
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| I have debt of £13,000 on credit cards. I am a single parent that works full time and lives in a privately rented house. I cannot aford to pay this debt and live, can i declare myself bankcrupt ? |
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debtinfo
forum expert
2826 Posts |
Posted - 15 July 2009 : 00:23:55
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| Perhaps better than that, a bankruptcy costs £510. If you have total debts of less than £15,000, surplus income (after rent and bills etc) of less tahn £50pm and assets of less than £500 (Cars up to £1000)(Household goods not included) then you may be able to apply for a Debt Relief Order(DRO) which costs only £90. You should speak to the CAB who can see if you are a valid candidate |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 July 2009 : 06:43:29
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I think your assets have to total less than £300.
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 July 2009 : 07:17:10
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For a DRO:
Here are the proposed qualifying criteria that an applicant must meet before a Debt Relief Order can be applied for.
A debtor must…
• Be unable to pay their debts;
• Have unsecured debts of less than £15,000;
• Have assets of less than £300, excluding a car up to a value of less than £1,000;
• Have surplus income of less than £50 per month, as defined using common financial statement;
• Be domiciled in England or Wales, or for the last three years have been resident or carrying on business there.
• Not have an existing Bankruptcy Order, Bankruptcy Restrictions Order or Individual Voluntary Arrangement or have had a Debt Relief Order in the last six years. |
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debtinfo
forum expert
2826 Posts |
Posted - 15 July 2009 : 08:07:38
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| oops, mis-type, your right |
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I have debt of £13,000 on credit cards. I am a sin
