advice please

RL07

Hi all first time post, im seriously thinking about bankruptcy im just getting in a right mess so ive got to admit defeat, should i tell my creditors now and what kind of backlash should i expect off them, also my house is in negative equity would i be able to keep it, thanks for your advice.

Bakeybadoo

Hi and welcome, I'm a relative newbie and certainly don't know anything about houses and equity but I wanted to let you know that someone has read your post and that others will be along shortly to help you out better.

I told my creditors I'm going bankrupt and they were fine. Some wanted to know details of who the OR was etc but I told them I hadn't got that far yet and that was that.

gettingitsorted

RL07 wrote: »

Hi all first time post, im seriously thinking about bankruptcy im just getting in a right mess so ive got to admit defeat, should i tell my creditors now and what kind of backlash should i expect off them, also my house is in negative equity would i be able to keep it, thanks for your advice.

Hi right your best route to take is first seek profesional advice contact either the cccs or payplan (links at top) as you will be asked this in court.

if they advise bankruptcy then you need to compleate a petition (can be done online and stop paying your creditors to enable you to save for the fees.

depending on the creditor you will get phone calls and letters its up to you if you answer them

if you go to https://www.insolvency.gov.uk. there is a wealth of information on there .


as for the house im affraid i will haft to let someone else answer that question.

hope this helps
GIS

plumduff-2

Hi, you definately need professional advice if property is involved... see above...

Have a look at the following link - which is an insolvency blog created by an aquaintance of mine - who is also an insolvency practitioner...

http://insolvencyviews.wordpress.com/

Brin, who wrote this site can also be found on DHUK forum... and you can ask him questions on there... In the meantime, do not make any decisions until you have spoken to a professional about this... And do not pay for the advice... Many IPs do initial free interviews...