Bankruptcy Help Needed

NorthernMike

Is it true you can go bankrupt though CAB? If so what does it involve and what is the outcome afterwards as my partner is considering it!

TheGardener

Hi - Support for Bankruptcy can be obtained from the CAB as well as a couple of other debt charities like StepChange or National Debtline. Their advice and support is free. Going BR is something you can do yourself - you complete the forms (with help from the charities mentioned) then you take the papers to the court yourself - it is not something you do in 'open court' - its an admin thing you do though the clerk. There is a court fee of £750 but you can claim remission of some fees if you are on a low income or benefits.
Try reading though some of the introduction posts at the top of this forum board and ask as many questions on here as you can.

banksshouldworry

Debt advice charities like CAB, Step Change and National Debt Helpline can help you decide if bankruptcy is right for you and if so help you through the process of bankruptcy.

However, to go bankrupt you need to do this through the court either by petitioning for your own bankruptcy or if one of your creditors petitions for your bankruptcy.

NorthernMike

Thanks for your help, just what I needed to know.

fermi

If you owe less that £15,000, do not have significant assets, and have surplus income of £50 per month or less then they may mean a DRO (debt relief order) instead. Basically a mini bankruptcy, which has to be done through an approved intermediary debt advisor, of which CAB probably have the largest number.