What would happen to my benefits if?

kentguy07

Not sure if this is the right forum or not. What would happen to my benefits if i went bankrupt?. I am in a few thousand debt i have bills i cant afford anymore. Any money i get may been to go towards paying the rent in full. If things get tight and if my dad goes out of work i hope to god that he doesnt but if things get bad i will need to give all the money i got to help out with the rent otherwise god knows what will happen.

If i went bankrupt for not being able to pay my bills or the debt back to the bank what will happen to my benefits? will i still get them or will the money stop or go elsewhere?.
Also would they send people to take my stuff away?.

sorry if this is in the worng section.

indigostar

i declared myself bankrupt in 2004, and i was on benefits. Benefits won't stop or be taken by creditors. About your possessions, that comes down to individual circumstances. If you have a car, you might be made to sell it, unless you can prove you need it for work.
You won't be able to get credit cards, loans, overdraft facilities for 6 yrs.
Although it is stressfull it can be the best thing to do, if you really have no way to pay.
It does cost to go bankrupt, as well...some court costs, but not too big.
It was a weight off my mind, but I have had to really learn to budget and manage money very well since!
Good Luck

Conor_3

You still get your benefits. Some of your stuff may be taken depending on its value and the amount you bank for. The less you bank for, the more likely it is that stuff will be taken.

dmg24

You should be aware that it is not as easy as just declaring yourself bankrupt, particularly if it is only a few thousand in question. It would be worth looking at the bankruptcy board to get more information on your options.