Bankruptcy vs DRO

abramagic73

My husband and I are considering either bankruptcy or a DRO and have an appointment on 10th May to see a debt adviser with the Citizens Advice people.
We have a total of about £27 between us, equally split.
Neither of us have any qualms of either option, but we are keen to get it done sooner rather than later.
Is bankruptcy really a last resort? Would a DRO be better if we qualify?
I would appreciate any advice on this as I intend to be ready for whichever option at our meeting in May.
Many thanks

IF

Hi abramajic73 , I would post your question on the IVA & DRO Board too.

IVA & DRO Board - Click here

Meanwhile here are some threads that may help :beer:

Bankruptcy guide CAB - Click here

Bankruptcy NDL Guide - Click here

DRO guide CAB - Click here

DRO NDL guide - Click here


Best wishes
IF...x

alastairq

BR and DRO are the same thing.... albeit the DRO is a less formalised route to insolvency.

DRO has strict rules, and..although it is cheaper and 'easier'....does not offer quite the amount of protection to the individual as a BR petition.

[For example, the DRO applies only to those creditors that get listed in the DRO.

If one or two were 'forgotten', then they could still pursue for their debts afterwards]

It appears that the DRO format may well become the full BR route anyway, as the IS may seek to shift BR from the Courts.