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Friday, 12 February 2010 10:47

How Much Money Am I Allowed To Live On In Bankruptcy?

Written by  Jon
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Question:



How much money will i be allowed to live on if i make myself bankrupt?

I am a singleparent,have 2 dependant children and receive incapacity benefit

Answer:



You are allowed all your benefits and income to live on for the allowable expenditures in bankruptcy.

You would only pay into a bankruptcy if you have a surplus of income that exceeds £100 a month after your expenses. Then only a percentage, beginning at 50%, of that surplus is used to pay into a bankruptcy.

If all you have are benefits, you will not be paying into a bankruptcy.

Thank you for letting me help you.

Jon

If you have a bankruptcy question you'd like to ask, just ask using this online form. All help is free.

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