im on benefits (job seekers allowance) and i have debts of around 9,000,00p including credit cards, unsecured loans etc. will declaring bankruptcy clear my debts ? and how long will it take and cost?
Hi yes declaring bankruptcy will clear your debts and whilst you are on jobseekers allowance the cost to you is reduced from £495 to £345 which must be paid in cash to the court on the day you declare yourself bankrupt.
Bankruptcy would definitely clear your debts (although secured debt and fines are not covered in BR-I'm presuming you don't have any of these) , but it's important you check out all your options before taking a decision. BR can be a great way to a new start but it can also have some serious consequences depending on your circumstances (if you have a property or other assets you may stand to lose, for example) so I'd suggest you speak to the CAB, one of the free debt charities, or phone the forum's helpline to get some advice on your best course of action.
Maybe if you can give us more details of your situation too, we can help you more. :-)
will declaring bankruptcy clear my debts ?
Posted - 24 September 2008 : 21:16:40
