How much does it exactly cost to go BR?

lilibet1 · 30 April 2010 at 4:20PM

Thanks, so what happens if you have no assets? How does the OR their money then?

x

dojoman · 30 April 2010 at 4:26PM

Wrong answer given, sorry.

:o:o

debtinfo · 30 April 2010 at 4:45PM

lilibet1 wrote: »

Thanks, so what happens if you have no assets? How does the OR their money then?

x

basically the OR makes a loss, the average cost of a bankruptcy is £1715. You pay what is called the bankruptcy deposit £450. When the OR realises any assets they take the first £1265 for themseves to cover the rest of this cost. If there are no assets then your case is underfunded. People who have large assets are subject to the secretary of state fee which was 17% of the asset (changed recently but is still similar). This goes into a big pot and in a round about way pays for all the underfunded cases

lilibet1 · 30 April 2010 at 4:51PM

Aw, got it now, Thanks x x

sizzler · 30 April 2010 at 6:56PM

debtinfo wrote: »

basically the OR makes a loss, the average cost of a bankruptcy is £1715. You pay what is called the bankruptcy deposit £450. When the OR realises any assets they take the first £1265 for themseves to cover the rest of this cost. If there are no assets then your case is underfunded. People who have large assets are subject to the secretary of state fee which was 17% of the asset (changed recently but is still similar). This goes into a big pot and in a round about way pays for all the underfunded cases

spot on debt. you are so good thanks for correcting me:j