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Getting the money to pay for bankruptcy

Hi I was just wondering I want to go bankrupt in the new year but have no means to save the money needed to pay for it as by the time i've paid into my DMP and rent bills travel food etc i dont have much left at the end of the month in fact £0 is it recomended to stop paying my DMP as this would free up £150 and in a few months i would have the £400 od pounds needed to pay, i would of course pay a token fee to my creditors.

Comments

  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    Dont bother with the token payments. It actually doesn't help with creditors but you can save a few more pounds a bit faster.
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you intend to go BR, stop paying your DMP. Life will be hell for a few months, as your creditors will be phoning and sending you letters non-stop, but needs must.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • Pssst
    Pssst Posts: 4,803 Forumite
    Part of the Furniture 1,000 Posts
    You cant choose to go bankrupt . You can apply for bankruptcy and pay your application fee but it is for the courts to decide if they grant you BR or not. Either way the fee is payable.
  • JCS1
    JCS1 Posts: 5,331 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Pssst wrote: »
    You cant choose to go bankrupt . You can apply for bankruptcy and pay your application fee but it is for the courts to decide if they grant you BR or not. Either way the fee is payable.

    Yes, but very few are rejected. And if the court orders an IVA, then the court fees go towards that.
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Pssst wrote: »
    You cant choose to go bankrupt . You can apply for bankruptcy and pay your application fee but it is for the courts to decide if they grant you BR or not. Either way the fee is payable.

    BR is usually only refused if the petitioner isn't insolvent, which the OP clearly is, or if you haven't sought the necessary advice (not that all judges even ask). Other than that it's pretty much a given.

    Is this your 'quote of the day' Pssst :D
    Accept your past without regret, handle your present with confidence and face your future without fear
  • Pssst if you have taken advice from one of the debt charities and it has been advised that bankruptcy is an option then it will not be refused. Generally the only time a judge will refuse is if it is obvious the person has not taken proper advice and is not aware of all the implications, or you have really mucked up on the forms or it is obvious that you are not insolvent and could possibly pay the debts another way ie: DMP or IVA. But as I said as long as you have taken advice then the petition will go through. Having lurked on these boards for a few years I am struggling to remember one person who has been refused, though I am sure there is one.
    Namaste DeeDee x
  • I have been advised to go for bankruptcy by the cccs i have all the info they suply but due to problems at home I decided to deal with one problem at a time now its time to deal with bankruptcy.

    I have also been advised a IVA could be a option but if I'm honest i would rather go for Bankruptcy it would not effect my home as i rent and the tenancy agreement does not mention bankruptcy as problem.

    I want to make a fresh start and have met a new partner so want to clear debts and start again so i think bankruptcy is a better option i know its not a easy thing to do and can affect many things in the future, but feel its a better option now if i continue paying my DMP it could take up to 13 years to pay off my debt oh i owe over £23000
  • Hi Evans 1882. If I were you I'd start reading as many threads on here as possible, download your forms and get as much information as possible so you are well informed. Good luck for your fresh start.

    :j :j


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