A Closer Look At Debt Relief Orders And Assets That Are Involved ...

A debt relief order or DRO is an important step for people in the UK who have serious problems with debts and do not want bankruptcy. You must have debts totaling less than fifteen thousand pounds and your income must be at a low level. When you apply for a DRO, assets have a great deal to do with qualification. Here is a closer look at debt relief orders and assets, and how they are affected.

Asset Requirements for a DRO

All of your possessions cannot be worth more than 300 pounds or you cannot take out a DRO. If your vehicle is worth more than 1000 pounds, you are not qualified either. This means that you cannot have a great many belongings or things of value and still qualify for a DRO.

Things That Count as Assets

A great many of the things that you own may be considered when filing a DRO. For example, money that you have in bank accounts is considered an asset. If you have shares or stocks, their value will count against the 300 pound limit. If you have expensive possessions such as antiques, they are considered also. You cannot own a home or other kind of real estate, as its value is likely to exceed 300 pounds.

Things That Are Not Considered

You will not have to claim everything that you own for a DRO. For example, bedding does not count and this includes items such as blankets, pillows, and beds. Household furnishings such as couches, lamps, tables, and chairs, are also not considered.

Employment Related Possessions

You may have a lot of books and literature that are related to your employment. There is no need to worry, as these are not counted. You do not have to claim work tools and equipment either. Most people need transportation to from work, and if your vehicle is worth under 1000 pounds it will not be counted as an asset.

Considerations for the Handicapped

You or a family member may be disabled and you will be given handicapped consideration. For example, all of your equipment such as wheelchairs and oxygen supplies will not be considered in a debt relief order. You may have a vehicle that has special equipment and it also does not count, no matter what the value is.

Benefits Affected by DRO

You may be able to take out a debt relief order if you are on benefits. Your pension is not technically an asset but will count as your income. You may have certain debts that are taken from your monthly pension amount, and these may be affected by your DRO. However, it is best to seek professional advice on these matters. If you still work and are not on benefits, the current value of your pension is not a disqualifying asset.

Summary

If you are having serious debt trouble, you may benefit from a DRO. However, it is important to know about debt relief orders and assets. You can only have 300 pounds worth of assets. Some things will be considered while others will not. If you are unsure about any of these issues, consult your Citizens Advice Bureau or a financial professional.

Learn the information and details you will need to attain a Debt Relief Order easily and quickly! You can get the easy steps to get Debt Relief Orders and assets that must be considered before you begin the qualification process.

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Source: http://www.bestfinancialtrading.com/2012/03/18/a-closer-look-at-debt-relief-orders-and-assets-that-are-involved/

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