we are thinking of going bankrupt

SAFFYMAN

hi my wife and i are wanting to go bankrupt as we beyond our controll have accumalted depts with our current morgage is over one hundred thousand pounds ..for the past 16 months we have tryed to pay them but to no avail we think our only option now is declare ourselves bankrupt ..should we find a house to rent first ..then apply for br or do we do it befor ..we have no assets exept our home also a car wich my wife uses for work .im on sever dissablement allowence we have no savings at all would this be the best way forward for us..

SAFFYMAN

hi would we beable to go bankrupt as we have over one hundred thousand pounds worth of debt this includes morgage could someone please give me some good advice on how to go about this in the correct way

fermi

Welcome.

Do you have equity in your home?

How much is the car worth? Do you own it outright, or is it on HP etc? Is it essential for work, or are their alternatives?

First thing to do if you haven't already, is to seek advice from one or more of the organisations in my signature. The final decision on whether to go bankrupt or not is something that only an impartial debt advisor can advise you on.

Ineedaname

Ditto what Fermi said, you need to get some free professional advice on this.

Post up answers to Fermi's questions though and members will try to help with some info in the meantime, to help clear your mind a little.

SAFFYMAN

who do need to talk to first we did go through a dept managment company but at the end we could not afford to pay them so it all stopped .. i tryed to sort it out my self talking direct to creditors but in end we were robbing peter to pay paul what sort of questions do they ask we went to cab they advised us to go bankrupt that was jan 2010

confused76

hi there if you look in Fermi's signature there are links to the National Debtline, CCCS or the CAB. These are free debt charities you can contact. They will go through your personal circumstances and provide you with your options.

Ineedaname

If you were happy with the adviser at the CAB then I would return and get their updated advice. If they suggested you went BR over a year ago the advice will probably be the same and they can help you through the process too.