Should i... or should i not go bankrupt???

Carts

Hi
I can not make the decision...
I have approx £8k dept as it stands now, it is with a DMP that has been running for about 2 yrs or so, at the rate it is going i will be about 67 before it is clear. My biggest problem is that in the not too distant future, my 'top up' (as i call my working tax credit & fam allowance) will be stopping as my daughter will be of age. I know i will not be able to cope with the outgoings. All i know is that things (general living costs) ae not going o go down but are about to rocket even higher! We live pretty much on the bread line as it is. I work full time and am a single parent, last year the company i work for gave us the usual annual pay rise, which amounted to about £300 a year more for me, which at the time i thought was great... but.. it tipped me over the rate that allowed me to get free prescriptions, eye/ dental care etc so really it has done me no favours at all.
I am pondering on going bankrupt... i dont own a house or have any other assets that would be lost or affected, but i am not sure how to go about it... How much it would cost or where to start, Can anyone advise me if it would be the best thing to do or not???
Many thanks for your help in advance. xx

Hannah_10

We can advisae you and to do that we really need to see an SOA which you can do with this really easy SOA calculator.

Bankruptcy is a potential option but there is a simpler kind of bankruptcy for people with debt under £15k called a DRO. If you are eligable for one of these it would cost you £90 to apply. Eligability depends on a few things, so if you're not eligable bankruptcy might be an option. Rearranging your DMP might be another. Or there are almost certainly things you could do to increase your income and cut your expenditure. In any event you could do with impartial professional advice. See this article for where to get that advice.