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bankrupt??? are there any limits?


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this may sound like a silly question to some of you pros, but can anybody tell me if there is a minmun amount of money that you have to owe for the dca can make you bankrupt and also is it true that yourself is the only person who can make you bankrupt and the dca only apply for it? ta:confused:

Edited by marlinhater23
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will cost a DCA £1500 to make you BR with no promise of any return of money. They usually threaten you with it to make you pay more money. Think you have to owe them over £750 as well.

 

you can make yourself BR if you want but you have to be actually insolvent

Posts are made with the best intentions but may not legally accurate

 

:eek::eek::eek::eek::eek::eek:

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will cost a DCA £1500 to make you BR with no promise of any return of money. They usually threaten you with it to make you pay more money. Think you have to owe them over £750 as well.

 

you can make yourself BR if you want but you have to be actually insolvent

 

ah well considering i owe them 4grand and pay every month (have paid 2 grand off in 18mnths) it would be in their interest not to make me bankrupt? am i right in thinking this? thanx 4 fast reply :)

 

 

also what does insolvent mean? im new:???:

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The minimum limit I believe is £800, if the debt is below this, then they cannot apply for bankruptcy and to be fair it would cost them more than this to do so.

 

"is it true that yourself is the only person who can make you bankrupt"

 

No, the purpose of bankruptcy is to get you to pay your debts, anyone who is owed money can issue a Statutory Demand and then apply to the courts for a bankruptcy petition, you would then have the option of settling your debts or having a Receiver appointed to handle the sale of your assets and property. The proceeds of the sale would be used to pay for the receiver and any costs and then the settlement of any debts identified in the bankruptcy hearing. it could leave you with nothing and also you would lose control of your financial affairs for a minimum of 1 year (although this term may be varied dependent on individual circumstances)

 

Of course if you have no assets or property and you are up to your eyes in debt, then bankruptcy could be seen as a positive move as it would allow you to start all over again. In this case any creditor with more than half a brain will not go near a bankruptcy court as they would get nothing and it would cost them lots, but they may threaten you with bankruptcy all the same.

 

insolvent means bankrupt

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You can get good advice on BR from the nationaldebtline websit and also more info from the insolvency service website.

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Houses are tricky.

 

If your in neg equity then POSSIBLY ok. If there is £1000's of equity then a good chance it could be sold but this can be differed for a year.

 

Official Receiver also has 3 years to look at your house so if the market picked up or whatever it possibly could be sold.

 

Joint mortgages is one goes BR and not the other can be a minefield.

Posts are made with the best intentions but may not legally accurate

 

:eek::eek::eek::eek::eek::eek:

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