Before applying for bankruptcy things you need to be aware of.

Applying for bankruptcy is not an easy fix to your debt.

First off you actually have to pay a fee of over £600 just to apply….which in its self seems hard to do when your already struggling.

Then if you are approved. They actually work out what disposable income you have and how much you have to pay back a month. You do have two weeks to challenge there decision but seen as they work it out by your expenses you dont really stand much chance unless theres extras you believe you can not live without.

So in my bankruptcy I have to pay just under £700 a month I’m a single mum to two children both under the age of 6. I do work full time but also live by myself. These payments are for 3 years. I challenged this as too it would turn out I’m laying back more than my actually debt but something else to be aware of is that there is an actual £8000 charge they add on for the court costs.

Although I have to say they are extremely helpful any changes to income you can phone, and they can look into the amount.

But bear in mind bankruptcy ain’t a bed of Rose’s or an easy fix and remember this does stay on your credit file

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