Low Income Low Assets (LILA)

Low Income Low Assets, in short known as LILA is a solution for people struggling with bankruptcy. If you are having a low income and only few assets to help you with the repayment, then LILA is able to come out with a solution for you. Let’s see, what this Low Income Low Assets can do for you.

How LILA can help you?

LILA has the potential to help people with less assets and low earnings. It could help people through schemes like these:
• If your weekly earnings of a person applying for bankruptcy is less than the minimum wage. This is for a forty-hour working week schedule, and it does not include tax credits or benefits. Currently the minimum wage is £247.60.
• If none of the assets that you have is worth £1,000 or more each. You should be having £3,000 worth car, or £10,000 in total. Also, you shouldn’t own a house.

How does LILA work?

The schemes listed above enable the people, who are not able to pay their debts. As far as their income is low, it shouldn’t be a problem. The one important thing that you got to know about LILA is that, it is just a route to help through bankruptcy, and not a debt solution itself. This is a popular one that every person in Scotland get helps from. Once, it has agreed to work with you, it works in the similar way as any of the other bankruptcy.
Low Income Low Assets can prove to be a right option for someone who is not able to repay any of his unsecured debts in near future. However, a person requesting the help of LILA should qualify for its approval.

How LILA can be useful to people?

LILA helps different people from any background, but there are certain percentages of them that cannot get the help of LILA. If you are a homeowner, LILA is not an option, as it helps only those with low assets. But, if in case you really need help, you have another solution like ‘Trust Deed’, or check out online for solutions. You should surely get help from somewhere. Also, there is something that you can think about doing, if you are a homeowner. You can try out binary options trading. This is an easy income, and if done in a proper way, you will be able to get at least 86% profit.
On the other hand, if you are unemployed without assets, then you can always get the help of LILA. If you are an income-based job seeker, or working on tax credits, then you will automatically meet the criteria of LILA. If in case, you have no idea of your asset value, then you don’t have to worry. You can get the help of expert advisors, and they will be ready to help you with their available scheme that suits your requirement.

How long does it take to repay the debts?

Your unsecured debts can be paid off within a year, but keep in mind that secured debts cannot be paid off with any bankruptcy.

Andy Gorton is the author and editor of the Bankruptcy Clinic

Andy Gorton – who has written posts on Bankruptcy Clinic Blog.

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