Is there a minimum amount of debt to become BR?

RiverRunDry

Hi All

Is there a minimum amount of debt you can go bankrupt for? I'm around £15,000 in debt and I'm considering bankruptcy but it occurred to me that £15,000 might not be a high enough amount to be granted a BR.

Could anyone let me know?

Many thanks

tigerfeet2006

If you are insolvent, you are insolvent. There is no minimum. If you owe £750 but can't afford to pay it back then you can go BR. So don't panic.

RiverRunDry

Thanks for your reply Tigerfeet That's a huge relief to know! I have been panicking for so long now and like so many other people I've been crippled by it to be honest and have been trying to hide from my debts. The fear I have of bailiffs makes me feel sick and I have all these peculiar routines in place like only leaving by and going in the back door of my house, scoping the street for white vans packed full of bailiffs and their heavies......I have other odd routines but you might all laugh at me!

I've finally got all of my utility bills, rent and c.tax under control and because it feels good to have some control over my finances it's given me the incentive to try to sort all of this out.

I'm hoping BR won't affect the housing benefit I recieve but anyway, on Monday I'm going to take the advice I've had on this forum and contact the CAB and the CCCS.

I only joined here yesterday but the responses I've had and the posts I've been reading have been so positive....I've noticed that no-one is judgemental only encouraging. I'm still trying to get used to the idea of BR and see it as a positive step instead of the failure I think a lot of us initially see it as.

Thanks Tigerfeet and thank you everyone else here as well.....this forum really has given me the confidence and motivation I need.



I do waffle on....sorry!

tigerfeet2006

River we have all been there and done that and some of us even have the t-shirts so we know where you are coming from. I have ti say though that the baliffs I have dealt with have been men in mondeos, in suits but definatly no heavies

Well done on getting control of your finances and doing something positive. It is the first step to your new life.

BR shouldn't effect your housing benefit.

We do get the odd troll on here but they are given short shrift.

Hope the calls go well on Monday, be patient, they are extremely busy at the moment and you may have to sit with your on redial.

startagain_2

RiverRunDry wrote: »

Hi All

Is there a minimum amount of debt you can go bankrupt for? I'm around £15,000 in debt and I'm considering bankruptcy but it occurred to me that £15,000 might not be a high enough amount to be granted a BR.

Could anyone let me know?

Many thanks

Just a thought RRD,

If the debt is less than £15k it might be worth looking at the new Debt Relief Order scheme coming into effect from April. Here is a thread to explain it...
http://forums.moneysavingexpert.com/showthread.html?t=1385275&highlight=debt+relief+order

SA

jellygirl_2

Hi Riverrundry - Im probably about 12k in debt and Im going BR - unless I win the lottery in the meantime:) This forum is a lifeline as Im sure you are finding - jusk ask questions - you will surely get well informed answers on here:)

RiverRunDry

Thanks for all of your replies

I had a look at the DRO link you provided Startagain and I'll ask for some advice about it when I go to the CAB on Monday. All told my debts might be just over 15k....and I don't have anywhere near £50 left over a month.....those days are long gone!!! But right now I'm open to anything that will be a way of sorting out my debts so I will find out.

I'm not sure how far I'll get with the CAB on Monday because as you point out Tigerfeet they are very busy right now but at least it'll get the ball rolling and perhaps they'll be able to make an appointment for me.

I'll let you all know!! Thanks again everyone

cazjenki

I went BR last year for approx £5000 because I just couldn't cope. The DRO would prob. have been a good thing for me if it had been around then. My BR hasn't effected my HB or anything. Good luck with whatever you decide to do.