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 I am 66 years old and am on pension credit.
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Lynda.p
Starting Member



1 Posts

Posted - 25 February 2012 :  14:15:06  Show Profile  Visit Lynda.p's Homepage  Reply with Quote
I am 66 years old and am on pension credit. I have 15 creditors and owe £80,000. If I become bankrupt what will happen? Say length of bankruptcy etc.

Niobe
Administrator



United Kingdom
4590 Posts

Posted - 25 February 2012 :  14:44:40  Show Profile  Reply with Quote
Hi and welcome,

Your bankruptcy would last 12 months usually or sometimes it could end sooner. Your credit record will be bad for six years from the date of BR and you may, if you have over £20 DI a month after essential bills are paid, have to pay an income payement agreement for three years.

BR will cost you £700 but not sure if you could be eligible for a rebate if you are on a state pension.

Have a word with one of the experts whose details you can find on the left hand side of the page.

Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe



Jan
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