Question

How far in debt does a person have to be to go bankrupt in the UK?

I owe way more money than I will ever be able to pay back, am no longer working, and receiving calls and emails daily about payments.

I need to end this and try to get on with my life.

Desperate.

Answer

Dear D,

Bankruptcy in the UK is a way to get a fresh start and be relieved of the debts you owe, there are a few things you need to know and be aware of prior to going bankrupt:

If you owe less than £20,000, you could look into a DRO or Debt Relief Order, which is similar to bankruptcy, but is for debts of less than £20,000, and the fees are much less.

You can read more about how to get out of debt here.

Regards,

Jon

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