bankruptcy and being a student

kinggrunt

I everyone need advice on bankruptcy asap. I had my own business for many years which went under, in result I wracked up a load of personal debts. I lost my house also, which they sold and I owe the mortgage company a balance of 59k. My other debts total about 6k.


I now live in a rented house, I have 3 children and a wife to support. I have a car which is worth hardly nothing. I have 0 disposable income.


I feel like I have nothing to loose if I go bankrupt, but I am so afraid of it because when I leave university in 4 years, I want to work for the police force, or government, and usually they don't employ if you have been bankrupt. Anyone have experience with this?


Also I would prefer to have a debt relief order, but with my mortgage balance its way over 15k, could I put my other debts on relief order, and see If i can sort something else out with mortgage company.


One last question! I have grants from University for equipment (Which I bought computer and laptop with), will they take my grants off me?


Many thanks in advanced.

fermi

Not 100% sure about current police policy, but I know for a fact that you can still work for the government. I have known several people who have done so, including at least one where they needed a VERY high level of security clearance, which wasn't a problem as they were up front and honest about what had happened.

PippaGirl_2

The police don't recruit people for 3 years following discharge from BR so if the OP is talking 4 years it should be fine.

If your income is solely student finance whether grants or loans an IPA is not set up, and any equipment needed for work or study you are allowed to keep.

yesican

I'm a student and went BR

doseduk

I too am a student that went bankrupt. Our situation differs somewhat in the background side of things otherwise... but yes, if income is just student loan (mainly) this wouldn't be taken as already said, and likewise, equiptment or other expenses relating to uni (necessary and reasonable - thus essential for maintaining your studies to a good standard) would be included within essential expenditure.

All the best with things, and if you think I can be of any particular help as a student bankrupt, be sure to let me know and feel free to drop a message.