Would It Be Better To Go Bankrupt???

chellshoc

Hi,am currently on a DMP with £70,000 of debt, been thinking would it be wiser to actually consider going bankrupt as staying on the DMP we are going to be paying for ever, cannot get IVA as 1 of our creditors is over 25% of total debt.Would going bankrupt be the best option?

wherediditallgo

Hi chellshoc & welcome to the forum,

Going BR might well be the best option for you, but none of us can tell you that as we don't know all of your circumstances. In the first instance, you should contact any of the organisations in my signature, who'll be able to give impartial advice free of charge. Even if you find it a bit embarrassing, tell them everything – they're not going to sit in judgement, & will be able to give you an honest appraisal of your situation & advise you on what your next step should be. If you've got any questions after speaking to them, feel free to ask them here & we'll do what we can to help.

tigerfeet2006

Hi chellshoc and welcome to the board. You will find a lot of support around here whatever your circumstances.

As WDIAG says get in touch with one of the debt charities and natter to us. Unfortunatly as you haven't given us many details it is difficult to say.

chellshoc

thanks your replies will get in touch with some of the free charities and see what they say

tigerfeet2006

Letus know what happens.

If you are advised that BR is an option and you go through with it the Judge will ask if you have taken proffesional advice and you can say with confidence 'Yes!'

You will no doubt have loads of questions when it comes to filling in the forms and what happens if...... and there is a wealth of knowledge on this board to help.