possible bankruptcy

Hi J,

First thing; if i were you, i'd post all incomings and outgoings on here so people can get an idea of where you're up to and provide suggestions for help.

Bankruptcy may not be the only option.

Make an appoinment with the CAB , they're generally excellent.

You can have a read of some info at the insolvency site about bankruptcy.

Just to answer one or two questions: your employer does not need to know in the majority of cases, and yes it does appear in the public domain - there is a national regsiter of bankruptcy on the net where your name appears, dates etc. The only people who seem to be aware of this are people who need to know, ie banks, and bankrupts themselves.

When you declare bankruptcy, you go to court having filled in lots of docs detailing your debts, incomings and outgoings. You work a budget of what you will basically ned to live: to buy food, pay bills and some allowance is made for leisure. If there is anything over from yoru wagesafter these expenses are taken out, the official receiver will make a payment order for the length of the bankruptcy which goes to those you owe money.

I'm not too sure about the mortgage.
The receiver looks at your assets and sees if theres anything saleable - unless you've got a super expensive car or a £3000 tv or something, they don't seem interested. Sure someone will answer this for you soon.
They're not interested in taking household goods from you in any way unless, as I say, they are of extortionate value.

Bankruptcy is nothing to be ashamed of, the government cahnged the law recently to make it easier and to make it last for a shorter time than the recent three years. I have recently been discharged. No one knew apart from my family really either. If anyone looked me up - well, how sad would that be.

At the moment bankruptcy lasts for one year; if your case is simple, like mine was, you can be discharged earlier than this. If extreme cases, bankruptcy can be longer than this time.

It may not be your only option: as i said, post as much detail as you can about ins and outs etc (its all anonymous here remember).
You'll get some excellent guidance I'm sure.

Best of luck

To start with you posted in the right place for help and advice

Hard to do I know but best thing is not to panic as things do work out and after all when you see light at the end of the tunnel you'll be thinking what you panic-ed so deeply for.

Bankruptcy need not be an option - their are other ways before this option and creditors will in general prefer the other options as prefer bankruptcy.

As the other MSE members have posted you really do need to honestly list your incoming and outgoings. Not a lot can be done until this has been done so the situation can be progressed forward with options.

Your house can be perfectly safe throughout - this is why you need to do the above and not yet even consider bankruptcy.

Kind regards