Would we both have to go bankcrupt?

funkyfish586

Hi all, we are on a dmp with pp & have been for 2 years nearly. Its a constant struggle & im really at breaking point with it. Literally everything has gone wrong lately, our landlord served notice on us so we had to lend money for the deposit, our car failed the MOT & again we had to lend more money off family. My son needed a mattress & even though it was only £49 we couldnt afford it. I dont think i can live my life like this for the next 10 years. I am a Stay at home mum, not by choice we cannot afford childcare. I have just started a little job one evening a week in a off license but i am absolutely knackered working until 11 after looking after my toddlers all day.

We have 30k worth of debt i have about 9k & my partner has the rest. we have discussed bancruptcy but my partner wants me to not go bancrupt as he thinks its such a small amount which could be easily paid off.

Im so depressed about it all, im not happy anymore i worry constantly about it, we dont go out, we dont buy ourselves things. I know we got ourselves in to this mess but i just want to cry

If my partner went bancrupt would i be made to as well as we live off the one wage?
thanks x

RAS

Hi

It is quite possible for your partner to go BR and you not to do so. The one thing you really need to think about is that the new rules on IPAs are much stricter, so he would not have any excess with which to help you wirth your debts.

On the other hand BR budgets are much more generous than DMP ones as a rule, so you might actually have some leeway in your living costs to keep the DMP going until your chikldren go to school or get free nursery places and any IPA is finished.

I suggest your partner goes over to the BR forum and puts up a SOA there for people to help with.