Thread: New Bill introduced in Parliament

Tribunals, Courts and Enforcement Bill



http://www.publications.parliament.u...05/2007005.pdf

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Key points to qualify:
Debt Relief Orders are intended to provide debt relief for people in England and Wales if:

• The debtor is unable to pay his/her debts;
• The debtor’s total unsecured liabilities must not exceed £15,000;
• The debtor’s total gross assets must not exceed £300 (this includes houses so homeowners will not be eligible); The debtor will usually be allowed to keep a car if it is worth less than £1000 or it has been adapted for them because they have a physical impairment that has a substantial and long-term adverse effect on their ability to carry out normal day-to-day activities.
• The debtor’s disposable income, following deduction of normal household expenses, must not exceed £50 per month.
• The debtor must be domiciled in England or Wales, or in the last 3 years have been resident or carrying on business in England or Wales.
• The debtor must not have previously been subject to a DRO within the last 6 years.
• The debtor must not be involved in another formal insolvency procedure at the time of application for a DRO, such as:
  • An undischarged bankrupt;
  • A current Individual Voluntary Arrangement;
  • A current Bankruptcy Restrictions Order or Undertaking;
  • A current Debt Relief Restrictions Order or Undertaking;
  • An interim order
  • A current pending debtor’s bankruptcy petition in relation to the debtor but the debtor has not been referred to the DRO procedure by the court as a more suitable method of debt relief;
  • A current pending creditor’s bankruptcy petition against the debtor but the debtor has not obtained the creditor’s permission for entry into the DRO process.