I unfortunately find myself at a point in my life where I was made redundant, owe approx £30,000 and have very little income and no assess.
I have decided bankruptcy seems the most logical solution as I have had to retrain so will be doing a degree for the next 3 years. The only issue I have is trying to understand what payments I will need to make, if any.
So my income is as follows:
Student Finance (Including Parents and Dependent Allowance) - £12000 (Paid for 39 weeks only)
Tax Credits - £168 a week
Child Benefit - £48 a week
I have 3 young kids and a wife.
My problem is I have asked both Citizens Advice and Stepchange but both are unsure if my Student Loan can be classed as income. I was quoted the following:
31.7.78 Student loan income
It should be noted that where a bankrupt is in receipt of a student loan this is not income which can be claimed under an IPA/IPO.
So does this mean my income would be tax credits and child benefit? I find it hard to believe that they would ignore my major source of income.
Any help appreciated, for reference the figures are within a few £'s as I do not have exacts but am happy to find them if needed.