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T O P I C R E V I E W
Julie06
Posted - 17 May 2009 : 09:40:03 Hi. I am a single mum, and receive benifits. I have debts just under five thousand pound, I have tried Debt management, but am unable to make the payments. I was just wandering if you know if at this stage i would be considered for bankruptcy as thats the route that I am now consdiering?
2 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 17 May 2009 : 09:47:46 If you debts are less than £5k BR isn't necessary. You should speak to your local CAB about an Administration Order or a Debt Relief Order.
Reviva UK
Posted - 17 May 2009 : 09:46:42 Hi
bankruptcy is probably not the right solution for you because of the level of debt and the cost of declaring bankruoptcy.
Even with a fee remision it will cost £360 to petition for your bankruptcy.
You have 2 other options that may work well for you:
1. Administration Order - you need at least 3 debts, under £5 and have has some court action by one of the creditors
2. Debt Relief Order - similar to bankruptcy but you need to have under £15k of debt, little or no assets and sub£50 per month disposable income. This costs £90 to apply
the best bet is to go to the CAB who can administer both of these solutions.
