Bankrupty what to do?

Question

im 22 and in alot of debt i want to know if i have the critiria to claim bankrupt i do not own a house or car but work full time can you help

Answer 1

Try contacting the Consumer Credit Counselling Service on 0800 138 1111. They are a charity that help people deal with debt. You ring them and they will send you some forms to fill out, they will arrange for a debt advisor to ring you (this appointment takes about an hour) and go through your income and expenditure. They will than advise you what is the best option for you and even help you with letters and budgets to send to all your creditors that help explain your circumstances. Many companies have a good relationship with them and will take heed of their recommendations.

Good Luck with it.

Answer 2

If your outgoings exceed your income then you are technically insolvent. You would likely have to make yourself bankrupt which will cost you money. Not sure of the amount think it depends on how much you owe. This is for court fees and the Insolvency Practitioner who will oversee your bankruptcy. Bankruptcies tend only to last for a year now and as you have no assets it may be a good idea for you. However you must take into account the affect it will have on your future (getting a mortgage for example). You will continue working through your bankruptcy and will be given a budget to live on the Insolvency practitioner will take the rest to divide up amongst your creditors. Once the bankruptcy is finished the rest of the debt will be written off. Good luck

Answer 3

Bankruptcy should be your LAST resort. If you file it will remain on your credit report for 7 years after it is paid off.
In order to file bankruptcy you have to see a bankruptcy lawyer who will go over your debts with you to see if you enough to qualify. If you do the lawyer will have you fill out some paperwork and then a date will be set where you will appear in court. I'm not sure, but I think during the court proceeding they determine what will and will not be included, monthly payment amount, and number of years for payoff.

My suggestions...
1) Figure out how much you are spending vs your income.
2) Make a budget and stick to it.
3) Pay each of your creditors more than the minimum each month.
4) Don't spend money on any item that is not needed for daily survival or getting to/from work. ie...don't be spending money on music, movies, fancy designer duds, fast food, etc.

I'm currently in a heavy load of debt myself and that's pretty much how I'm handling it. My parents have been through bankruptcy. I'm trying to avoid bankruptcy because I don't want it on my credit record for the next 7 years.
If you need advice from a professional, go see a reputable credit counselor who can help you out.

Answer 4

Do you have a family?
Do you rent a property?
Do your out goings exceed your monthly income?
If yes to all of these questions then yes you have a good chance of becoming bankrupt, it is the easy way to solve money problems but not the best,
I wish you all the best with your situation
Dekker

Answer 5

Contact a financial management company or your local citizen advice bureau they'll sort out your debt & don't worry things are never as bad as they seem,at least you have a job your debts will be paid of someday. Good luck hope things work out for you

Answer 6

No house, no car so how have you got into so much debt? You need to change your lifestyle me thinks or else you are going to get into this mess again.

Answer 7

Go to Citizens Advice Bureau, and take their advice, you need to be very sure before geting declared bankrupt.

Answer 8

if its over 15k get an i v a. or a second job. bankruptsy isn't as bad as what you think except it may bite you in the future for house etc.

Answer 9

Try spending less than you make....novel approach I know.

Answer 10

get a new job