Bankrupcy figures - how work them out?

[giggles321]

On an iva proposal, I was also given bankrupcy figures. How did they work out how much it would be and where did they get there working out figures from??
Thanks.

[janiee]

If you go bankrupt all your debts apart from Student Loans are wiped out, you have to pay approx �500 to petition for Bankruptcy though if you are on certain benefits or low income you get the court fee of �150 waived

[D143237G]

In addition to the first answer you will also have to make monthly payments to the Official Receiver for three years. This is generally based at 50 to 60% of any disposable income. So although all your debts are written off once you are discharged from bankruptcy (this is usually one year after you are declared bankrupt) you wiil still have to pay something if they decide you can afford to.
With an IVA you have to pay over all your disposable income which is why so many fail. Get advice before you do anything.

[giggles321]

D143237G - Many thanks for your answer, much appreciated.
Di