advice please! re working v bankruptcy!

Katief07

Any advice/opinions on the following would be great

Basically me and my other half have been on a DMP since Aug 10 various changes in circumstances got us to that point, but unfortunately I was made redundant in Nov 11, and have found it difficult to find a job that fitted around the childcare that is available to us (family) recently after yet another review with CCCS re our DMP they suggested the possibilities of other options DAP for my partner as he is working with debt totalling around £5,000 and LILA bankruptcy for me debt at around £10,000. we have completed all paper work etc for BR, but recently a job has came up which is local and with a lot of juggling around and having to pay for some childcare, I would be able to do it, but trying to weight up wither it is worth it or not is not easy, I want to try to get back on track and out of this situation but I am worried that in the long term we will still end up back at deciding between BR or not.

Our income at present is £1606 and out going is £1466 paying the £140 to the DMP

but If I got this Job the salary is £17000pa but would still need to deduct childcare and travelling expenses from this and probably tax credits from above amount currently £79 every 4 weeks.

any thoughts?

fracturedsun

You may have already done this but...

Try filling in 2 speculative SOAs, one for if you took the job and one for if you didn't. That may help you see how it works out and help you make up your mind.

eyeopener2

Wouldn't the bankruptcy take a huge weight of your shoulders so you could actually enjoy your new job? More money, no debt.

Go bankrupt and accept the new job seems to be a way forward. Although I don't know the ramifications of bankruptcy on your situation.

Maybe post the same question on the Bankruptcy board and get opinions from people who may have been in a similar situation?

Katief07

thanks yes I have done as advised, and this gives me an estimated £600 available to pay to DMP meaning it could be paid off in approximately 2 years, which of course would be the great but, it means relying heavily on family helping out and having just given up my car to help with the financial situation, getting another one and then adding the expenses of that or rather deducting it from the above amount would only put us in a slightly better position that we are in now, and I cant help asking myself if it is really worth it?? I would love to take this job but not if it leaves us in a similar financial position that we are currently in! I hope that makes sense, my partner's advise is to do what makes me happy!! but its not as simple as that I want to do the best thing to help us all out of this to see light at the end of the tunnel, not just delaying things.

Katief07

I did not consider I could still go ahead with BR and take on a new job I assumed that any extra monies from change in circumstance would then have to be paid in to BR! hmmm not sure going to investigate this, thanks