DIY bankrupcy by internet -no fees or OR

[Emily]

I heard about this new Debt relief order, go online and declare you are Bankrupt.According to R3 The cap is on 15K of debt. No more fees and it relies on Self Assessment.

It is coming in very soon in 2008/09. And I am sure by saving hundreds in fees and the hassle of seeing a judge it will prompt more BR cases in that sub 15K debt.

[Oliver]

The last info I received was that Debt Relief Orders are anticipated to arrive in April 2009.

The requirements will be detailed in the secondary legislation, which is not finalised, but the following are anticipated to be the criteria. An applicant must:
• Be unable to pay their debts.
• Have unsecured debts of less than £15k.
• Have assets of less than £300.
• Have surplus income of less than £50 per month, as defined using common financial statement (1).
• Be domiciled in England or Wales, or for the last three years have been resident or carrying on business there.
• Not have an existing Bankruptcy Order, Bankruptcy Restrictions Order or Individual Voluntary Arrangement or have had a Debt Relief Order in the last six years.