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I have unsecured debts of approximately £47,000 with 10 creditors. I am 58 years old and due to retire in two years time. I earn £1123 net per month and would have approximately £700 residual income. I have just looked into a debt management plan which would take 6 years one month to pay off all my debts but I am due to retire in two years time. Would I be eligible for bankruptcy now? I do not own my own home and have no other assets. Thank you.

Hi Gwen and welcome to the forum.

I presume that your disposable income will be less when you retire, or have you taken that into account?

hi - yes, i'll only be able to keep up the dmp payment for two years, until i retire, which is why i think bankruptcy may be a better option? thanks

I agree with you Gwen. There is no point in entering into a longwinded debt repayment scheme if you are only two years away from retirement. Although your creditors may not get anythign repaid, you do have to think about what is best of you at the end of the day.