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kelly-v
Starting Member
35 Posts |
 Posted - 02 September 2009 : 15:04:44
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how much does it cost for 2 people ( a couple) to go bancrupt??
also me and my partner are declaring bancruptcy, we have 2 credit cards that are in joint names and i have a credit card in my name only.
everything else is in my husbands name. what would happen to me if only he went bancrupt as to the credit card debt? |
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Jane.l
Average Member
511 Posts |
Posted - 02 September 2009 : 15:31:29
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you would be liable for the whole amounts on any joint debts, if only your husband went bankrupt
I think the bankruptcy fees are £510 each, but someone will correct me if I am wrong |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 September 2009 : 18:34:03
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Yes, the BR fee is £510 each or £522 in the High Court in London. You can have a rebate of £150 each if you are on benefits.
If your husband declared BR and you didn't then any joint debts (i.e. the credit cards) would automatically become your debts. |
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veale_kelly24
Starting Member
20 Posts |
Posted - 02 September 2009 : 21:31:13
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thank you for the responses, please could you inform as to which benefits count in getting a rebate?
many thanks |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 September 2009 : 21:51:29
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What is the level of debt for the joint accounts and your sole debt. It may be that there are other options available and it is always worth looking into ALL of the alternatives.
If you eventually do petition for bankruptcy I strongly believe it stands you in good stead to be able to demonstrate to the OR that you have explored all the options and have really thought about the way forward
There are automatic expemtions for the court fee ( the £150 part ) and an exemption based on your family income.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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veale_kelly24
Starting Member
20 Posts |
Posted - 03 September 2009 : 09:14:53
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we have 2 credit cards with balances of £1500 and £700.
my credit card has a balance of £1450.
last years income was £10,200. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 September 2009 : 21:28:52
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hi
if your total debt is 3650 it seems like a big step to go bankrupt for this amount.
I would really suggest you take professional advice from the forum or one of the experts as to the way forward
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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veale_kelly24
Starting Member
20 Posts |
Posted - 03 September 2009 : 21:45:03
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| i did think about that, the problem i have is that i would have no way to pay the credit cards off as i am not working as a full time mother and if we were to pay it back it would take us years! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 September 2009 : 21:50:33
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depending upon your income and assets then possibly a Debt Relief order may be better
you need to have less that 15k of debt
car valued at under 1000
assets at under 300
and a disposable income of less than 50 per month.
this lasts a year - like bankruptcy - but costs 90 to apply for rather than £510.
the CAB are the best place to start for one of these.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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veale_kelly24
Starting Member
20 Posts |
Posted - 03 September 2009 : 22:05:54
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that sounds interesting, i have just looked it up and it says i cannot apply myself i need and intermediary! how do i go about finding one and does it still cost £90 for someone to do it for you??
many thanks for all your advice it is much appreciated |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 September 2009 : 07:27:42
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| The CAB can act as an intermediary so it may be worth giving them a call to setup an appointment. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 04 September 2009 : 09:23:54
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Please before you even consider a debt relief order or bankruptcy explore an administration order I enclose a link which will give you information on this, with your present debt level I would not even think about what has been advised here, http://www.debtadvicebureau.org.uk/explained/administration_orders.html
You get full protection from creditors and can avoid bankruptcy while only paying sometimes a token towards your debt. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 September 2009 : 11:58:08
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Administration orders require the debt to be repaid and, as the OP mentioned she is a full-time mother, it would take a long time to repay the debt.
When you contact the CAB regarding the DRO you can check whether it is the best option for you. |
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Topic |
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how much does it cost for 2 people
