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Wednesday, 18 August 2010 14:23

Can You Make Too Much Money To Go Bankrupt?

Written by  Jon
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Question: my husband and i have over 100k debts - have been told that we earn too much money a month to go bankrupt - can one of us give up our job to go bankrupt

Can i give up my job to go bankrupt?


Answer: You cannot make too much money to go bankrupt; either you are insolvent or you are not. Either you can afford to pay your debts or you cannot.

If you cannot afford your debts, you can go bankrupt.

What someone may have been referring to is that you may be required to pay into the bankruptcy as you may have a surplus of income each month that exceeds your allowed monthly expenditures.

If you do have a surplus of income after your basic expenses, but not enough to service your debts, then you could consider an IVA or a debt management plan.

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.

If you need help with completing your bankruptcy forms consider using our Bankruptcy Assistance Service.
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