38k & bankruptcy

Years_of_debt

Hello,

I have been poor with credit throughout my twenties, 28
Now. I have around 30k of personal debt, mainly unsecured loans. Using loans to pay off debt, getting myself into more debt & then debt consolidating that.
With my salary and my repayments i am looking to go bankrupt, I am also a gurantor on 2 loans to a friend for a total of £8,000. If I went bankrupt would I be liable for these gurantor loans?

I owe him half of the monthly repayments as we took them out together. My 30k personl debt is made up of around 20k by gambling (gambling over the last 10 years, but accumulating about 15k debt on loans in the last 12 months)have always had an addiction and now going through therapy for it. It’s my on fault getting in this mess!
My current living situation is with my parents, I have 0 assets and no car. The truth is I don’t want to pay an IPA for 3 years, I would rather leave my job and go bankrupt and sit at home for a year and do some volunteering work. If I left my job for no “valid” reason can I still go bankrupt? Can I be forced to take a job? What are the reasons I wouldn’t be allowed to go bankrupt?

I am aware that I will almost 100% get a BRU for like 3/4 years to stop me getting credit (due to the gambling), something I am happy about. (Don’t care about being a director of a company).

After 12 months discharge if I go back to full time employment would I be able to keep all of my earnings?
Would by debts be completely written off?

As all of the debt is from my own fault and because of my gambling addiction will I be accepted to go bankrupt? Once I am not working & leave my job I then physically wouldn’t have a way of paying it anyway.
How do I avoid an IPA- just be jobless basically?

debt_doctor

Years_of_debt wrote: »

Hello,

I have been poor with credit throughout my twenties, 28
Now. I have around 30k of personal debt, mainly unsecured loans. Using loans to pay off debt, getting myself into more debt & then debt consolidating that.
With my salary and my repayments i am looking to go bankrupt, I am also a gurantor on 2 loans to a friend for a total of £8,000. If I went bankrupt would I be liable for these gurantor loans? No you would not be liable. These are contingent liabilities, and at any time in the future a guarantee liability arose, they would be part of your earlier bankruptcy - even many years later.

I owe him half of the monthly repayments as we took them out together. My 30k personl debt is made up of around 20k by gambling (gambling over the last 10 years, but accumulating about 15k debt on loans in the last 12 months)have always had an addiction and now going through therapy for it. It’s my on fault getting in this mess! Addictions are hard to fight and it is great that you have sought help.
My current living situation is with my parents, I have 0 assets and no car. The truth is I don’t want to pay an IPA for 3 years, I would rather leave my job and go bankrupt and sit at home for a year and do some volunteering work. If I left my job for no “valid” reason can I still go bankrupt? Can I be forced to take a job? What are the reasons I wouldn’t be allowed to go bankrupt? Whether you work or not is up to you, there are no consequences in BR for giving up your job - but would get sanctioned on various DWP benefits if you claimed any.
I am aware that I will almost 100% get a BRU for like 3/4 years to stop me getting credit (due to the gambling), something I am happy about. (Don’t care about being a director of a company).

After 12 months discharge if I go back to full time employment would I be able to keep all of my earnings? If no IPA in place, yes.
Would by debts be completely written off? Yes. Even if as a result of gambling.

As all of the debt is from my own fault and because of my gambling addiction will I be accepted to go bankrupt? Yes. Once I am not working & leave my job I then physically wouldn’t have a way of paying it anyway.
How do I avoid an IPA- just be jobless basically?

If you have no earned or pension income then you cannot get an IPA. You need to think carefully how much your job means to you. If you hate it - then leave - if you don't then weigh up what an IPA might look like by posting your SOA on here for people to look at.


Hope that helps a little.

DD

Years_of_debt

Thank you for the advice and non judgmental help.
When you’re done it’s nice when someone is helpful and not sarcastic. So thank you for the honest help!
For all those that read this and say “you should be forced to pay and IPA its your fault” wait until you are in my position.
Thanks again .