Should I go Bankrupt when I have to inevitably have to move out?

andyf1980

I was declared bankrupt in 2010 when I was 29. 

With the benefit of hindsight I wish I’d done it earlier rather than struggling for years. Now have a mortgage, credit cards (paid in full every month) and no further issues. 

I’m not going to lie, it was tough immediately afterwards but life is so much better now. 

ManyWays

Nick511 said:

I have money ready to move out. But I am going to struggle hard paying these payments. 

If you want to move out, it's best to move now before you have insolvency on your credit record which will make getting a private tenancy hard without a guarantor. .

With no assets to protect, an IVA would probably be a very foolish decision. If you get an IVA before you move out, you would probably be unable to afford it if you did move out - IVAs are not flexible.

Move now, get all your expenses sorted for your new place then go bankrupt sounds like the best plan. 

theoretica

What is your expected salary progression?  Your debt is hard now, but will become much easier to pay if your salary increases.