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You should declare all of it. The bankruptcy fee for debts over £15,000 is £700 (inclusive of deposit, and court fees), so you may as well include everything. Some debts are not written off in Bankruptcy however. Take advice from a formal advice agency or check out pros and cons before applying.
What else can I help you with?
Is Debt Settlement easier than bankruptcy?
It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
How much debt do you need to declare for bankruptcy?
UK. Bankruptcy £15,000 or more. If you have less than £15,000 worth of debt, sustainable under 15k for the duration of one year and meet certain criteria, you may qualify for a debt relief order, which is, in effect, a mini bankruptcy.
Does bankruptcy cover all debt?
Yes, bankruptcy does cover all debts. If you declare bankruptcy, the other guy doesn't get paid, and you leave laughing.
Can i get a HECS debt if I'm bankrupt?
Yes, you can. Bankruptcy is not a reason for disqualification for accumulating a HECS debt. Additionally, your HECS debt will not become void if you were to declare bankruptcy whilst having a HECS debt. Call 1800 020 108 if you need confirmation of my answer. They will tell you the same thing.
How do I decide how to declare bankruptcy?
That's easy because there are many programs out designed for this called debt counseling. You can also go directly to a bankruptcy company and get help directly.
Is Debt Settlement easier than bankruptcy?
It depends on the amount you in your debt. If your debt is a large sum and figure, the best and most ideal thing would be to declare bankruptcy. If not debt settlement would be much easier.
How much debt do you need to declare for bankruptcy?
UK. Bankruptcy £15,000 or more. If you have less than £15,000 worth of debt, sustainable under 15k for the duration of one year and meet certain criteria, you may qualify for a debt relief order, which is, in effect, a mini bankruptcy.
Can you declare bankruptcy whilst on a debt management plan?
Technically, yes, you can declare bankruptcy while on a debt management plan (DMP), but it’s often considered a last resort. Before taking that step, it’s worth understanding how it affects your current plan and long-term financial stability. When you enroll in a debt management plan with a trusted company like Better Debt Solutions, your creditors agree to specific repayment terms—lower interest rates, waived fees, and structured monthly payments. Declaring bankruptcy while on a DMP would legally override those agreements, essentially ending your plan and damaging your credit for several years. That’s why Better Debt Solutions always evaluates every client’s financial situation carefully before recommending a path. In many cases, debt management or settlement programs can help you achieve the same level of relief without declaring bankruptcy. These programs focus on restructuring payments and negotiating with creditors so you can manage debt affordably while protecting your credit profile.
Does bankruptcy cover all debt?
Yes, bankruptcy does cover all debts. If you declare bankruptcy, the other guy doesn't get paid, and you leave laughing.
When can you declare bankruptcy?
It depends on the specific type you are filing for. But whether you are an individual or a corporation, the monetary amount of debt, and how much you make annually can all factor into the equation of qualification.
Can i get a HECS debt if I'm bankrupt?
Yes, you can. Bankruptcy is not a reason for disqualification for accumulating a HECS debt. Additionally, your HECS debt will not become void if you were to declare bankruptcy whilst having a HECS debt. Call 1800 020 108 if you need confirmation of my answer. They will tell you the same thing.
Can you declare yourself bankrupt when in full time employment?
Yes, employment status does not affect the ability to declare bankruptcy. It is the debt to earnings ratio that will make the determination.
What are the pros and cons of using a debt settlement service?
My opinion here: the only pro is that it satisfies the debt counselling requirement to declare bankruptcy under the new 2005 rules. Debt management companies are known for charging huge fees and not paying creditors on time, getting you into deeper trouble. I wouldn't bother unless you want to declare bankruptcy.
How do I decide how to declare bankruptcy?
That's easy because there are many programs out designed for this called debt counseling. You can also go directly to a bankruptcy company and get help directly.
Can you work after you declare bankruptcy?
Yes, you are not required to be unemployed to declare bankruptcy.
How long can a bank require you to pay on a delinquent loan?
Until it's paid off, or you declare bankruptcy and have the debt forgiven.
What worse bankruptcy or debt relief?
If you have a pile of unpaid credit card bills and simply can't pay the total amount due. Then you have two options for dealing with the debt you've accumulated: liquidation or bankruptcy. When you declare bankruptcy, you're asking court to wipe your financial slate clean.
