A DRO or debt relief order should only be considered for serious financial matters. However, this kind of order can be a better alternative to bankruptcy in some cases. As long your total debts are not over 15000 pounds and you have a relatively low income, you may qualify. When you are considering a DRO, many of your assets will be included and here is a more detailed look at debt relief orders and assets, as they are affected.
DRO Asset Requirements
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
Not every thing that you have will be counted as an asset. For example, common household furniture such as chairs, couches, tables, and lamps are not taken into account. Bedding is not a DRO asset to claim and this includes pillows, comforters, and beds.
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.
Handicapped Considerations
Special considerations are taken for the disabled. Any kind of equipment that you need is necessary and is not going to be considered part of your net worth. This includes specially made equipment and vehicles. These vehicles can be in excess of 1000 pounds and it will not matter.
DRO and Benefits
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.
DRO Asset Requirements
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
Not every thing that you have will be counted as an asset. For example, common household furniture such as chairs, couches, tables, and lamps are not taken into account. Bedding is not a DRO asset to claim and this includes pillows, comforters, and beds.
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.
Handicapped Considerations
Special considerations are taken for the disabled. Any kind of equipment that you need is necessary and is not going to be considered part of your net worth. This includes specially made equipment and vehicles. These vehicles can be in excess of 1000 pounds and it will not matter.
DRO and Benefits
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.
About the Author:
Learn the details and information you will need to attain a Debt Relief Order quickly and easily! You can find the simple steps to get Debt Relief Orders and assets that must be considered before you begin the qualification process.
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