Moving Forward

EyesNowOpen

Hi all. I'm looking for some opinions and would be grateful for your feedback.

I find myself in an unusual 'betwixt and between' situation. I live in a rented property with my parents but have a long term partner and a recently born baby daughter living at another address. I spend about 50% of my time staying at my parents house to assist my mother as my father has serious health problems due to the failure of our family business.

I too have incurred a large amount of personal debt as a result of the failure of our business (back in 2004). I have been making nominal payments to my creditors but have realised that there is no way of clearing my debt any time soon, and with the birth of my daughter I do not want to be living under this cloud forever. I have decided that bankruptcy is my only option.

Once I am BR I will be moving in with my partner and daughter permanently. My partner is a home owner but l don't think I should be overly concerned as we are neither married nor do I have any financial interest in the property, I will be moving in as a tenant. However, this is the rub.....my partner is still on Maternity leave and is on Statutory Maternity Pay and I will have to assume the majority of the household expenses. The cost of this is similar to my current monthly outgoings. My query is really about what view OR will take on this this.

If she returns to work I understand that the proportion of salary that she brings in will free me up to make increased payments to my OR. However, what is the stance regarding my partners maternity income & child benefit?

Thanks for your you help.

fiveyearplan

Any way you look at it, you may be asked to pay a proportion of your salary for 3 years. You may not even get an IPA therefore maybe you won't be paying anything. But it will end within 3 years as long as you don't get into further debt in the meantime. What a refreshing thought that all that debt that you see no way out of now could be gone.

EyesNowOpen

Thanks for you thoughts. I am looking forward to the light at the end of the tunnel. I suppose I'm looking for that crystal ball moment when I know how everything with be during and after BR.

fiveyearplan

Everything will be just fine. We are all on here to verify that and I'm sure every one of us didn't think the light would be there - at the end of the tunnel but we've all found our way.