please could someone help me

diane118

hi please could someone help me to help my friend she and her husband are on a DMP her husband is self employed and has not had much work lately and they cant pay there debts and are thinking of going bankrupt they have a house which after they sold it would pay off most but not all of there debts would they have to go on a IPO for 3 years to pay the rest of there debts off if they went bankrupt please? also what would happen if one month her husband did not earn anythink to pay the IPO and my friend would have to pay the bills rent ect out of what she earns?

gizmo111

If they are planning to sell the house and clear most of the debts, then they ouldn't need to go bankrupt How much will they be left owing after this? Also if they have been on a DMP for a long time then they will be in a good position to make F&F offers and clear all their debt.

diane118

hi they have only been on DMP for about 6 months and after selling the house and paying there debts they would still owe about 12000

copier_guy

The house has not been sold yet then?

Is the £12,000 left to pay an estimate then?

Why not ask your friend to do the SOA and post it up?

diane118

hi yes the 12.000 is an estimate

diane118

diane118 wrote: »

hi yes the 12.000 is an estimate

i will get them to do a SOF but it could be a few days or a week if you have some advice till then please