Can someone help please?

cometherevolution_2

First time I have posted on this site. My partner and I are thinking about going bankrupt. we have had advice over the last couple of years mainly suggesting debt management schemes. Problem arose when we had a baby i had severe post natal depression and he was made redundant. That was 3 years ago and we have never come right financially. We both tend to bury our heads in the sand. We both work full time and would love to own our own house (we privately rent) but this seems impossible when our combined debts are close to £40000. (loans, credit cards etc) Life is an absolute struggle always worrying. Our combined salaries are £50,000, sounds good, but our outgoings are huge particularly rent and day care.
just a couple of questions for you knowledgable ones!
1. Can we go bankrupt jointly or if just my partner what happens to our joint HSBC managed loan £9500 ?
2. Does what we earn make a difference to going bankrupt? e.g a judge might say we earn a lot but we still cant get anywhere, we are so far in overdraft loan repayments etc.
3. does it affect employment where you handle money. e.g property manager?
Anyway thank you to everyone just reading this forum helps relieve a bit of the stress I suffer everyday.

Remmer

Hang in there sweet, have replied to your first post. It's a bit quiet here tonight but you'll get loads of help soon

cometherevolution_2

thanks remmer am sure will become a bit clearer soon when advice comes in.

Remmer

What I can tell you is that if you only one of you goes for BR any liability for joint loans will pass to the other so no solution there.

The judge will look at the whole picture but on earnings at that level you're almost sure to gat an IPA which means that you will have to pay towards your debts after BR for a period of 3 years

Employment issues depend on your contract of employment. Pure cah handling may not be a prob. After all you'll be free of debt! Check that or check with HR/Union if you have one. My gut feeling is that there may be another way forward for you both

Conor_3

1) If only one of you goes bankrupt, the loan becomes the responsibility of the other party to pay. If it's a secured loan, it can't be included in bankruptcy.

2) Yes it can. You only owe 80% of your annual income which isn't a massive amount when measured like that. You will possibly be asked if you have taken professional advice about your debts.

3) Possibly. Depends on your contract of employment in most peoples cases. Obvious ones where you'd be stuffed would be working in a bank for example.

jobby_2

Husband and I went at same time as accounts, debts and loans were pretty meshed - about £50,000 unsecured. We got to the point where we just couldn't hide from it any longer. (4 kids, rented accommodation)

Our first step was to go to Citizens Advice who were helpful in getting us to write everything down and really face how much we were dealing with, tried to negotiate with everyone - zip, nada, no response cos as long as we were making payments they weren't interested

Then went to CCCS, - they were brill and guided us through a lot of stuff and over 6 very long months came to the decision to declare bankrupt in November last year

It took a lot of heartsearching, huge amounts of stress but just couldn't cope with letters, and phonecalls which were also being picked up by the kids - not good

Found this place post BR and it has helped me get through, my best advice cometherevolution is to spend some time reading some of the threads also check the separate website which is fab and wish it had been there earlier. Insolvency website really helpful too - but now you're facing it - and talking about it which is a huge step. Get yourself armed with as much info as possible and there are so many people here who will help

Good luck

cometherevolution_2

thanks all will talk to the citizens advice next week.