Q7. What is low income/low assets (LILA)?
Low income Low Asset (LILA) route is a way to allow a debtor who has income below a specified amount (currently £220.80) and who has no one asset worth £1,000 or more, to apply for their own bankruptcy. Income includes money from all sources an some social security benefits are disregarded. The Debtor's Guide is an Accountant in Bankruptcy publication that gives full details of the conditions for applying to become bankrupt and how to apply. You can request the guide from our Helpline or download it from this website.
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