Another bankrupcy question

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My friend is having a baby and wants to go BR

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  • bank_of_slate
    bank_of_slate Posts: 12,922 Forumite
    First Post Combo Breaker
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    Hi stiffnuts,
    First of all, welcome to MSE, there are many of us who have faced similar or worse.

    Can you post a full SOA so we can try to help you?
    You will never be judged on here, everyone will offer honest advice and support.
    I know first hand how stressful having your first baby is, nevermind worrying about your finances at the same time.
    keep posting, we're here to help!
    ...Linda xx
    It's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
    We dont count all the runners ahead of us & feel intimidated.
    Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.
  • Addicted2Chocolate
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    see the leaflet 'what will happen to my home' on https://www.insolvency.gov.uk. But in summary the trustee would have 3 years for the equity to increase enough befor he can force a sale. the better option would be for your wife to buy you interest from the trustee, she would have to pay 50% of the equity and pay the Trustees legal costs.
  • magentadreamer
    Options
    Hi Stiff,

    Babies do cost alot of money but you would also be eligible for help towards childminder fee's etc.Ok not the full amount but it's something If you post a SOA on here you might find you get alot of suggestions as to what to cut back on etc.You'd be suprised what can be saved just by looking at what your spending. I can imagine it's a worrying time for you with the baby coming and lots of debts, have you contacted Payplan?
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