Is there anyone who can advise ?

Billy30_2

Good Morning guys

I'm billy i'm 30 and live in scotland and two years ago i split from my wife we were strugling with our morgage and i had a serious accident we went our seprete ways in june and when i was able to fuction properlly i contacted my morgage provider who informed me that they had repossed the propety and that i was i noway able to neigoiate a plan to pay although i had cash avalible.
I then cleared the flat of my possions and the flat was sold for a snip of what it could have been sold for....
We are now left with £75,000 shortfall then 6k car that was sent back and other things that total upto around £110k.
I'am getting divorced now, companies won't split our accounts and i don't trust her to pay and i've gone into some kind of semi hiding.
I can't deal with her anymore and i've instructed a solicitor and i've been told bankruptcy will be the only solution but how do i fuction after bankruptcy. and is it a bad thing? how can i ever have credit ever again.................

Please Coment

tallyhoh

Its not such a bad thing. Post this on the bankruptcy board for help.

Hannah_10

My good friend L went bankrupt in similar circumstances and three years on says it was the most liberating thing she could possibly have done. As Tally said there's a bankruptcy board full of people who have been there or are going through there and the moment. It's not the end of the world, there is life after bankruptcy

Billy30_2

Good positive replies keep them coming

Tixy

Hi

People do manage after bankruptcy. Its not an easy option to take but it does sound like it might be the only sensible option in your situation.

You would likely be bankrupt for a year, and could have an income payment arrangement for 3years (this is if you have some surplus income you would pay a percentage of it towards your bankruptcy).

It will be possible to get credit again in the future, but not in the first few years. After 6years there would no record of your bankruptcy on your credit file at all.

Assuming you don't work in finance/accountancy then I would take a serious look at bankruptcy. I would suggest you need to speak to one of the debt charities - IMPORTANT - Where to seek professional impartial advice about your debts. - about the implications and the process.