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Going bankrupt?? With no assests but lots of debts. advice please

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Hi there. I would be very grateful for a bit of advice on going Bankrupt!


This is all a bit new to me, I have an 8,000 CDL loan from barclays that I not yet defaulted on, I have £2000 overdraft with Barclays and the loverly capquest are chasing me for a £2000 Barclay card Debt from when I was a student.


I was made redundant at the begining of the month and in no position to make any payment to my credidtors. I have spoken to DMP about IVA but was told i would need to default on my cdl loan first.


Not sure about that, I have heard that going bankrupt for less than 20K is a bit less serious.


I dont own a house or car and am currently living with my Fiances parents.


Any advice or information you can give me would be greatly appreciated.





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Who have you been hearing from, what they were refering to was a summary case where the bankruptcy was 2 rather than 3 years. This stopped being the case 6 years ago!.


As the above post states DRO's were recently introduced for people with low or no assets and debts less than £15,000

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Thanks for you advise, I was just trying to understand my options. it seems going bankrupt is a step to far at this stage.






Bankruptcy is often the best route for many people, what are the chances of you finding work within the next 6-12 months?

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There is a good chance, I am actively looking for work. Im am unfamiliar with the bankruptsy proccress. Obviously having work will have a bearing on the bankrupsy and my ability to pay any any creditors but im not clear what the fiscal effect of that would be.


cheers liam.

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