Is bankruptcy my Best Option?

CreditMonkey

Details:

Seperated from wife last year, now rent house with my brother.

We have a 4yr old and 6yr old, she is main career i have them 3 nights a week average. We sort arrangements ourselves, not yet divorced, due to costs.

We have a DMP roughly £30k (not yet told cccs about split)

We have a mortgage £70k

We have a secured loan £30k (+ £10k ppi) = £40k

House valued at £105k

Neither of us have any assets or savings she has car worth not much more than £1000 and i have a motorbike worht about the same.

We both work fulltime

I struggle each month and she has now said that she cannot cope.

Looking at bankruptcy. We have no credit rating anyway due to DMP and i myself don't want credit cards or mortgage again.

Can someone tell me please if this is our best option and if so whats likely to happen.

Please help.:(

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

Sunnylooloo

As Dojo has said we can't tell you what do to do and would really recommend you do as he says and have a chat to weigh up your options.

It does have a huge impact on your life and not something to be taken lightly as I am sure by reading some of the post you will see.

Maybe when you have had a proper think you can post your SOA http://www.makesenseofcards.co.uk/soacalc.html and also people can help with form filing and what the court day is like etc, but first and foremost you must decided what is the best way for you to go.

Take care

CreditMonkey

I have a motorbike, its value is £1000 ish but i also have a company car. How likely am i to lose it. Its my only asset.

Also what happens to the house? Its a little confusing. I am going to ring cccs tommorrow but just wondered if anyone could advise me. I could say my dad bought the bike for me?:(:(:(

Doucam

Hi as the others have said you do need to ring up the debt charities first, but as for your motorbike, do you use it to get to work? if you do then it could well be exempt due to that.

Wait and see what the debt charity says and if they advise BR then come back here and do you SOA and you will get all the help you need.