£600 to go bankrupt????????

mommame

Hi is it true that you must have £600 in cash to declare yourself bankrupt as my niece is coming to to the end of the line regarding keeping all the balls in the air but has been told that she would need £600 to do this ,is this right please as it seems pretty silly as if she had £600 she could keep afloat for another while longer.

mommame

Gosh you learn something new every day! thanks steve for the info,I was convinced she had got the wrong end of the stick lol.
mom

nonnatus

Yes. I did it as part of a couple, nearly 8 years ago now (feels weird that it was so long ago!!) and we had to find £900 in cash, so we took a couple of cards over their limit, pawned a bit of jewellry and borrowed from family.

It IS ludicrous that you need such a large sum of cash to be able to declare to the world that you officially have no cash :cool:

debt_doctor

It costs £525 deposit (payable in all cases) and up to £175 Court fee, payable in full, in part or not at all depending on the applicants finances.
A person is bankrupt for 1 year or potentially less with early discharge.

DD

alastairq

It IS ludicrous that you need such a large sum of cash to be able to declare to the world that you officially have no cash

But..that statement would not strictly be true....

Being insolvent means not being able to meet one's debts as they fall due......after reasonable living expenses have been deducted.

As an example...once one has come to the realisation that BR is the only sensible way forwards, for debtor and creditors alike....then by simply not servicing debts any further will allow the raising of the legal sums necessary.

The OP's niece really needed to come to that conclusion probably a long time ago, eh?

It is that concept of 'keeping going a little while longer'' that we probably have all gone through, prior to petitioning BR.

We call it ''burying one's head in the sand??''

I call it 'floggin' a dead 'orse?'

BTW, if one decides to petition for Divorce by simply using the Court facilities [and avoiding Solicitors]......then I suspect the Court Administration fees are somewhere near to those for a BR petition?

[That is how I petitioned my last-but-one Divorce...cost less than £200 at the time [back in the last century!]

mommame

nonnatus wrote: »

Yes. I did it as part of a couple, nearly 8 years ago now (feels weird that it was so long ago!!) and we had to find £900 in cash, so we took a couple of cards over their limit, pawned a bit of jewellry and borrowed from family.

It IS ludicrous that you need such a large sum of cash to be able to declare to the world that you officially have no cash :cool:

Same scenario here with my niece she has been treading water for a long time so she needs to bite the bullet and maybe she can get some peace of mind.
Thanks all for your input.
Mom