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 My husband debt is 12 ,500 could he declare br
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linda11
Starting Member



1 Posts

Posted - 09 February 2010 :  17:42:18  Show Profile  Visit linda11's Homepage  Reply with Quote
My husband debt is 12 ,500 could he declare bankrupcy we dont want to lose our house we are both dsabled penstioners

gettingoutofdebt
forum expert



2418 Posts

Posted - 09 February 2010 :  18:25:21  Show Profile  Reply with Quote
Is there equity in the property? If so then the OR would want to release this so you may be forced to sell the property if he declared BR.

You could also look into a DRO (Debt Relief Order) as the debt is less than £15k. There is information regarding DROs and their criteria at http://debtrelieforder.org.uk/commonly-asked-debt-relief-order-questions and companies that are approved intermediaries at http://debtrelieforder.org.uk/debt-relief-order-competent-authorities

Before deciding anything you should get some professional advice. The following companies post on this board and are highly respected. They offer free advice and will only charge if you want their assistance in completing the BR forms or even accompanying you to court on the day:

Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
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Blackie
forum expert



United Kingdom
565 Posts

Posted - 10 February 2010 :  15:04:11  Show Profile  Visit Blackie's Homepage  Reply with Quote
Hiya Linda11

If I can just clarify the siuation.

If you own your home, then your husband may need to declare himself bankrupt and if there is equity in the property, the Official Receiver would want to realise this money. However if you do not own your property, he would be eligible to apply for a Debt Relief Order as his debts are under £15,000.

All the best.

John Blackadder

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