Help with Bankruptcy

Alz1

I have been advised to do a management plan by the cccs but i just want my life back on track and just go bankrupt i just need advise please??

Tixy

Hi

Did you talk to CCCS about bankruptcy? what did they say about it?
Do you have any assets that will need to be taken into account?
What surplus did CCCS calculate you would have for a DMP each month? that should give you an idea as to what you may need to pay under your bankrupty each month (although it won't exactly the same as certain costs are not allowed under bankruptcy that you may be able to include in a DMP budget.

Alz1

£280 a month they said i had left i have no assets can i still go bankrupt ?

Thanks

Tixy

Quite possibly, obviously it depends on your circumstances and finances. You would have an income payment arrangement for 3years where you would have to pay towards your debts, but you need to get some advice from one of the charities,. I would suggest talking to CCCS again, say this is the route you would like to go down and get their advice and see if they can see any issues with it - as they have know your financial situation.
If you didn't want to speak to CCCS again for a particular reason then try one of the other debt charities.

How long did they calculate a DMP would be likely to last?

FuzzyCub

Alz1 wrote: »

£280 a month they said i had left i have no assets can i still go bankrupt ?

Thanks

To petition for BR you must be insolvent, that is unable to pay your debts as they fall due. The CCCS will have given you advice based on your circumstances but if you feel like you'd like to pursue BR then call them again and ask them some question. There's no reason why you can't talk to one of the other charities about your situation.

Alz1

Over 5 yrs with the management plan !

thanks

Tixy

Thats not very long for a DMP, which is probably why CCCS recommended it. Especially if you compare to having to pay for 3years through bankrupty and probably having to live on a tighter budget under bankruptcy than in a DMP.

But if you talk to them again I'm sure they'll be able to advise whether a bankruptcy application would likely to be accepted.

Ineedaname

Five years really isn't very long in life, especially considering the effect it can have to go BR. Think about this very carefully before you choose that route over a recommended plan which will have you debt free in 5 years and without the life changing effects of BR.

BaldEagle

I have to say that if my DMP had meant I paid everything off in 5 years and didn't have to go BR, I'd have been going down that route. I would think long and hard about going BR in your situation.