Bankruptcy or not???

goinginsane73

Hi a newbie here.. and im at my wits end.. me and partner had our house repossessed by the halifax in April this year(still waiting for it to be sold) and had a secured loan on the property with welcome finance. ive been in touch with payplan and they have advised me to wait until the house is sold before deciding what to do.. Thats my problem i dont know what the best action to take!!! i estimate our total debt will be around the £60,000 mark. we both now work part-time and im a carer for my father as well. i got three children and we are now living in rented accomadation.. Would welcome ANY advice just want to put this whole mess behind us and try and rebuild our future!!

IF

Hi goinginsane73 and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

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Main recommended sources of help:

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Others:

• Business Debtline
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• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

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Best wishes
If...x

NeverAgain_2

You owe about £60K, are working only part-time and haven no significant assets.

Bankruptcy looks a good option, you have nothing to lose other than that debt.

It will trash your credit record for six or more years, but you house has already been repo'd, so a big black mark is already there.

I doubt you could you make much impact on £60K with only part-time wages coming in, so bankruptcy would give you a fresh start sooner rather than later.

goinginsane73

ive been in touch with CCCS and they have said that bankruptcy would be my best option..
I am having great problems understanding how they work out how much they say we need to live on though!!
How do they workout the Tax credits we recieve and HB??
Is this shared out between us or is it classed as just mine as i claim it?? also i have read on some threads that sompe people have hadtheir HB stopped???

Head is really stuck in shed at the moment..
Constantly getting calls from the dreaded Welcome finance..

tigerfeet2006

Are you both going BR?

goinginsane73

we have been advised to both go bankrupt...
Wont be able to afford us both at same time so as his debts are more than mine we thought he could go first.
we claim working/child tax credits but they get paid to me so only thing he really gets is his pt wage.
will they split the tax credits and child benefit???
the three children are mine not his..

rider1974

Bankruptcy would be the best bet, just remember that it is on your file for 6 years but you will be clear at the end of it and a fresh start could be had.