Interested in Bankruptcy, few questions

beth3735

I’ve been struggling with debt for a long while now. Most of it marriage debts which were all in my name though, and when I left all the debts came with me and the children.
I did manage to clear off around £13k of them but I still have at least an easy £26k left. 

I’m a single mum with 4 children and only work 13 hours a week. I have no secured or essential debts, they’re all loans or credit cards. Most now sold on to other companies.
they’re currently getting £5 a month but it’s depressing that a few of them won’t be paid before I die. I’m only 37!

questions I have is I have a child soon to turn 18, will this bankruptcy make a difference to her?
I know it should hopefully last just a year but how does that year work? Do I have to report back each month to the person helping with the bankruptcy my income and outgoings? 

I’m so lost and scared, I’ve been told a few times to do it by my sister but I just haven’t known where to start.
also she mentioned that if I have used any credit recently they might not help me? 

fatbelly

Bankruptcy is an online process with a fee of £680, paid by card.

Have a read of this as you need to understand how it works:

https://www.nationaldebtline.org/fact-sheet-library/bankruptcy-ew/

You may want to not rush into this. From what you say you may be suited to a Debt Relief Order if the rules change a bit. This is how they work at present:

https://www.nationaldebtline.org/fact-sheet-library/debt-relief-orders-ew/

But there is a proposal in the pipeline that they should cover up to £30,000 of debt and allow surplus income up to £100 per month (no date yet)

I take it that you're in rented accommodation with no assets. Own a car?

beth3735

Thank you Fatbelly, 
Yes I’m currently renting, and I do own a car, a 2005 Ford Focus, worth not much at all.

I will take a look at both of those links you’ve sent. I’m just after the best option for me and the children to finally clear my name 

fatbelly

OK - keep posting!