bankrupt

[fatclub]

how much debt do you have to be in to declare yourself bankrupt

[Buenchico]

The minimum debt which allows someone else (to whom you owe money) to petition for your bankruptcy is �750.

There is no statutory minimum debt for petitioning for your own bankruptcy.

Petitioning for your own bankruptcy costs a minimum of �360. (Unless you're in receipt of certain benefiits it usually costs at least �510). Information is here:
http://www.insolvency.gov.uk/pdfs/guidanceleaf letspdf/howtopetition.pdf

A general guide to bankruptcy is here:
http://www.insolvency.gov.uk/pdfs/guidanceleaf letspdf/guidetobankruptcy.pdf

For further information leaflets, see here:
http://www.insolvency.gov.uk/guidanceleaflets/ guides.htm

For alternatives to bankruptcy, see here:
http://www.insolvency.gov.uk/bankruptcy/altern ativestobankruptcy.htm

For independent, unbiased debt advice (from a registered charity), contact CCCS:
http://www.cccs.co.uk/

Chris

[fatclub]

thanks this is really helpful
gill

[themas]

If your debts are less than �15K and you satisfy the other conditions, a Debt Relief Order is much better than bankruptcy - it only costs �90.