Should I go bankrupt?

mjm79

Not currently working and owe over £20K including 6 on a credit card which is nearly maxxed. Income only £250 a month JSA and outgoings £500 before anything. That includes a restructured loan which they will only do for 2 months. Nobody can help doing a deal with my creditors as I don't have enough income for them to make an offer. I currently rent and don't have any assets. Would bankruptcy give me a CCJ and prevent me getting into teaching as trying to sort a new career out at the moment. Thanks in advance.

fermi

It sounds as if bankruptcy may be an option for you. But you must seek professional advice.

[SIZE=-1]Professional, free and impartial advice on debt problems can be obtained from several charitable organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart.[/SIZE][SIZE=-1]

You can contact:
[/SIZE]

• [SIZE=-1] Your local CAB Office and ask to speak to a 'money advisor'.[/SIZE]
• [SIZE=-1]The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 [/SIZE]
• [SIZE=-1]National Debtline - Tel: 0808 808 4000 [/SIZE]
• [SIZE=-1]Payplan - Tel: 0800 917 7823.[/SIZE]

The court will require that you have sought such advice so it's best to get it now.

As far as I'm aware bankruptcy will not prevent you applying for a teaching course, but I would enquire with the TDA about this.

http://www.tda.gov.uk/

Bankruptcy is different to a CCJ BTW.

user55

I would start by reading this:

http://www.insolvency.gov.uk/guidanc...bankruptcy.htm

Then checking out many of the other factsheets at:

http://www.insolvency.gov.uk/guidanc...ets/Guides.htm

and perhaps: http://bankruptcysupportersclub.co.uk/default.aspx

and then come back and ask anything that you are still unsure of.

Plus if you are seriously considering bankruptcy you need to get professional advice.

[SIZE=-1] You can contact:
[/SIZE]

• [SIZE=-1] Your local CAB Office and ask to speak to a 'money advisor'.[/SIZE]
• [SIZE=-1]The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 [/SIZE]
• [SIZE=-1]National Debtline - Tel: 0808 808 4000 [/SIZE]
• [SIZE=-1]Payplan - Tel: 0800 917 7823.[/SIZE]

Shamelessly copied from another post - hope that's OK!

stubie

I'm a little lost as to how you have 6 credit cards on JSA. I'm assuming that you got these when you had a job?

I was in a similar situation 10 years ago, I contacted all the cards and arranged to pay just £1 a month off them, interest was frozen. This then allowed me to get a mortgage and move on when I got a job.

That said now I have a good job, I'm in **** up to my eyeballs and will be going BR shortly, you earn more, you spend more.

Get advice, look at your options and don't jump at BR as the easy option, it will hang around you for years to come.

Oh nearly forgot, taeching is OK as long as you have a degree, if you have got one then it's certainly a rewarding route at a career.

Stubie