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Is bankruptcy my Best Option?
Options

CreditMonkey
Posts: 134 Forumite
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.:(
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.:(
Its time to nut up or shut up......!:laugh:
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Comments
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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/:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
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 careThe worst cliques are those which consist of one man ~ George Bernard Shaw
Holiday Saving fund 2010 = £25.00WeightLoss 2010 = +6lbs
BSC 292
June NSD 11 :TJuly NSD 15:TAugust NSD 14:TSeptember 9:T October 19:jNovember 15/110 -
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?:(:(:(Its time to nut up or shut up......!:laugh:
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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.0
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