some advice needed

whenwillitend

maxmycardagain wrote: »

who took the HP out? i doubt it was in the name of the ltd company

if you dont go BR then you can continue as a director and employ him, it depends how much the joint debts are as to wether or not you go BR to i suppose

my husband took out the hp on the car we have 1 loan which is in joint names which we are paying every month the other debt is in my husbands name so he will be the one going bankrupt

maxmycardagain

it sounds as if you going BR depends solely on what amount you owe and pay monthly on the joint debt, can you continue paying it? or can you pay it off? as it is half yours/jointly you will probably be liable for ALL of the balance, but get advice, id guess the lenders will be only too happy if you keep paying them anyway.

whenwillitend

maxmycardagain wrote: »

it sounds as if you going BR depends solely on what amount you owe and pay monthly on the joint debt, can you continue paying it? or can you pay it off? as it is half yours/jointly you will probably be liable for ALL of the balance, but get advice, id guess the lenders will be only too happy if you keep paying them anyway.

the total amount owed is about 35,000 the loan we pay every month we can continue paying it although its a struggle,we can,t pay it off, once my husbands bankrupt do you think we would be able to come to some arrangement with the fianance company over the amount thats left to pay on it

maxmycardagain

if you both go BR you wont have to, if you dont go br you WILL have to, simple as that, no, change that, if YOU dont go br you will have to keep paying the current repayments

maxmycardagain

if you post your incomes and outgoings the regulars here abouts will give you some idea of your prospects and outcomes.

Waspeze

I know you've got your accountant helping you but I can;t stress enough what's already been said about contacting CCCS, CAB or national debtline, these will be able to give you proper advice as to whether bankruptcy is the best route for you... there maybe an alternative that you didn't realise.

They are FREE so what have you got to lose?

whenwillitend

maxmycardagain wrote: »

if you both go BR you wont have to, if you dont go br you WILL have to, simple as that, no, change that, if YOU dont go br you will have to keep paying the current repayments

thanks for all the advice will any current repayments be negotiable ie car or will i still have to pay whats owed on it each month

whenwillitend

Waspeze wrote: »

I know you've got your accountant helping you but I can;t stress enough what's already been said about contacting CCCS, CAB or national debtline, these will be able to give you proper advice as to whether bankruptcy is the best route for you... there maybe an alternative that you didn't realise.

They are FREE so what have you got to lose?

we are taking advice from our accountant and i appreciate(spelt wrong) what everyone is saying to me we know the opitions are an iva which my husband does,nt want to do. all our other bills are being paid every month although sometimes we are a bit late on some of them at the end of each month theres nothing left and then we start again paying each bill all over again so if we had any other opition other then bankruptcy i don,t see how we would be able to survive with even making a small contribution to our creditors for the next 10 years

philnicandamy

And what waspeze suggested is good advice....problem is no disrespect to your accountant they can only know so much information..where as the free debt helplines in my sig below have a huge range of experiance in all matters debt and have come across cases like yours many times before and would help guide you to what is the right decision at the end of the day.

maxmycardagain

whenwillitend wrote: »

thanks for all the advice will any current repayments be negotiable ie car or will i still have to pay whats owed on it each month

99% certain yes, likewise the loan repayments if you dont go BR

why not post all your incomes on here and outgoings, to get a better opinion?

besides BR theres IVA's and DMP's and one may suit you more than BR

and how long have you had the £35K debt, the OR will want to know what you did with the money too...