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advice on bankruptcy
DON79
Posts: 3,842 Forumite
Hi everyone. first time on here but just looking for some advice.
I am unfortunately in debt to the tune of £40,000 or possibly a bit more. The problem is I am only able to work part time 12 hours a week and I have two little boys aged 2yrs 3 mths and 1 yr. I am dealing through the cccs but wondered if I would possibly be better off going bankrupt? It is going to take me years and years and years to clear debts at this rate and it is highly unlikely I can increase payments over the years to come. The thing that worries me most is that I will lose my house, which is mortgaged. My husband unfortunately has debts of his own and he is able to cope paying his own debts and is keeping the mortgage payments up to date which is great. At the moment the house is valued at £104,000. It was bought for £102,000 but the current early settlement on the mortgage is £108,000. So I wondered whether I would lose the house considering there is no equity?
Do you think this is something that I should do?
And how do I start the process? Any advice, please?
I am unfortunately in debt to the tune of £40,000 or possibly a bit more. The problem is I am only able to work part time 12 hours a week and I have two little boys aged 2yrs 3 mths and 1 yr. I am dealing through the cccs but wondered if I would possibly be better off going bankrupt? It is going to take me years and years and years to clear debts at this rate and it is highly unlikely I can increase payments over the years to come. The thing that worries me most is that I will lose my house, which is mortgaged. My husband unfortunately has debts of his own and he is able to cope paying his own debts and is keeping the mortgage payments up to date which is great. At the moment the house is valued at £104,000. It was bought for £102,000 but the current early settlement on the mortgage is £108,000. So I wondered whether I would lose the house considering there is no equity?
Do you think this is something that I should do?
And how do I start the process? Any advice, please?
BSC #215/No.1 Jan 09 Club
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Comments
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You might be better off posting on the bankruptcy sub forum, there'll be people on there who can answer all your questions.Unless I say otherwise 'you' means the general you not you specifically.0
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You need to ring CCCS again and talk to them about the possibility of BR. We can not advise as we don't have the full facts. But if they advise that it is an option then if you post on the Bankruptcy and Living With It forum we can help and support you through it. If you pop over there and have a read of a few threads and ask any questions you need the guys will help.
As there is no equity in the house your DH will have the option of buying your Benificial Interest for £1 plus around £250 fee's.
Look forward to seeing you on the BR forumBSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0 -
hi don,
just wanted to say congrats on making the first steps in the right direction by writing on here, you will be able to get lots of great advice and support.
i agree with ames thou, you will get loads of good advice posting on the bankruptcy sub forum also!0 -
There ia a bankrpcy sub board & they will be able to advise.
Sorry Im no good at moving things but someone will be able to do it or just start a new thread.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 20 months left.0 -
Sorry meant to say welcome to MSE.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 20 months left.0
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