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Thursday, 16 August 2012 14:01

What Is The Difference Between Bankrutpcy And A Debt Relief Order?

Written by  Jon
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What is the difference between bankruptcy and a debt relief order as I need to do something soon.

Answer:  Both are forms of insolvency, however they are for different circumstances.

 

If you have debts less than 15K, no assets and no real surplus of income that exceeds £50, you could consider a DRO or Debt Relief Order.

 

If your debt level exceeds 15K and/or you have any assets, such as property, car valued at more then 2K, or have surplus of income that eceeds £50 a month, you would need to look at bankruptcy and not a DRO.

 

Again, both are form of insolvency and both affect your credit in the same manner.

 

Regards,

 

Jon

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