Help with bankruptcy

jack_danny

I could really do with some advice. My wife and myself are thinking of going bankrupt. We have a house which looking on internet at homes in our area is worth £155k ish. We have a mortgage of £141k and a secured loan of £5k. We are at moment 1 month in arrears with mortgage. We are both self employed due to being made redundant jan 07. We have unsecured debts of nearly 15k who are constantly on the phone sending letters threatening court and balliffs. Work at moment has been very slow so this month we have had hardly any income. Is going bankrupt the best thing to do?

shinyhead

Jack,

Have you called any of the debt charities for advice? The info you've supplied here isn't enough for anyone on the forum to advise you.

You could have other options such as a DMP or an IVA, bankruptcy may mean losing your home, the others don't.
You can always post your Income and Expenditure here and we can try and help.

If you haven't already done so I strongly suggest a chat with these organisations that don't charge for any help or advice they provide:

http://www.payplan.com/
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/

If you try the CCCS site it has an online debt remedy where you input your I&E and it will make suggestions. None of these agencies are open today so you could try that to give you an idea of the possible solutions.

kate705

Just bumping up, can anyone help?

Broken_hearted

Might be better on the bankruptcy board

kate705

Jack Danny,
Would you be able to do a soa and post it on here. people will be able to advise you when we see your full situation.

Kind Regards,