Should i go Bankrupt

greatwhitesharklover

Can anyone help me, after splitting with the wife etc etc i had to close my business and now am unemployed, i have been left with about £12,000 debt and a vehicle on hp for about £10,000 still owing. I went to CAB and they advised to make arrangments with creditors.
The first bank came back and said they would reduce interest to 12.9 (How generous to someone unemployed i think....not) and will accept £10 per month for three months.
My situation is that i am 42 and need to change my career so will need to retrain so doubt i will be able to get back to full time work, what im asking is would it be worth going bankrupt because i could struggle through but still be left owing the money but with a credit file that wont get me credit, i hope someone can help me cos im fed up and confused.
Ps i do not own my own home and have no assets apart from my tv and computer and want to keep em

philnicandamy

have a read here

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/guidetobankruptcy.pdf

then you NEED to seek some advice regards your circumstances..any of the free debt helplines in my sig below will be able to help you...bankruptcy isnt the easy option some people sometimes say it is..you can be discharged from BR in as little as 6mnths although usually standard BR term is 12mnths...the bankruptcy will stay on your credit files for 6yrs making future credit very difficult to obtain.....the official receiver in BR wont be interested in Tv's or PC's unless they're very high value items which they could then sell on for money to pay back your creditors....if your not talking about 53" plasma screens sports car in the garage or a few old masters hidden under the stairs you should be fine..

dalip

Give one of the phone numbers in my sig a ring or go back to CAB and explain how you feel/what has been happening.

We can not tell you what to do,everybodies circumstances are different, for that reason bc is an individual descision.

Come back to us when you have a definate answer. Good luck.D

philnicandamy

I wonder if anybody bothers reading any of my posts?.........

see we still have a bad echo in here

dalip

philnicandamy wrote: »

I wonder if anybody bothers reading any of my posts?.........

I do phil:D usually too late:o