I would like to know how much debt you need to be in before you can declare bankruptcy or can you declare yourself banckrupt purely on the basis that you can not afford to repay the debt?
To file for bankruptcy you need to owe in excess of £750 - If your debts are under £15k and you do now own a property it may be betterto consider a Debt Releief Order - you would need to contact your local Citizens Advice Bureau to do this, the cost is £90. However if your debts are over £15k or you own a property then bankruptcy would be your best option.
Hope this answers your query, and if i can be of further help please post away
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
how much debt you need to be in
Posted - 05 May 2009 : 17:20:58
