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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by pumpkinpie[/i] [br]This is going to be rather long I fear. In 2005 we bought our house for 135k. 6 months later we took out a secured loan to consolidate some of my husband's credit card debt and to do work on the house. The secured loan was for 35k. In 2006 I had my daughter and suffered from antenatal and then postnatal depression, which made working for me near impossible. We managed fine, however, my husband having a good job. In February 2008 he started with a new company and a huge pay rise and all was well until that company stopped paying salaries in November 2008, he went without a salary until February when the business went bankrupt. He immediately had a new job and a while later we got some money back from the state. Then the new employer started paying late and eventually stopped paying. Husband took an emergency freelance job in London to tide us over. the business went bust and husband got a new job but within three months that business went too. I know this sounds hard to believe, but it is true. For the past 8 months my husband has been working freelance in London, while me and my daughter live in the Midlands. He comes home on weekends. I've started to do translations from home and set up a photography business (didn't invest anything into it, had the camera and the lenses) as the cost of working in London (staying in cheapo B&B, food, travel costs) leaves us with a shortfall otherwise. We just about manage to make all the payments each month, but if anything happens like when my daughter was poorly in hospital in January and we thought she was going to die and my husband didn't work for a week (freelance - no work no pay) we then seriously struggle. Any day he is not working means that we struggle to make ends meets. We would love to move down nearer to London and rent but we cannot sell the house we are in. Remaining mortgage: 130k Secured loan to pay back: 38k House value: 105k Shortfall: 63k Credit card debt: 12k Very catalogue: 4k (bought something when all was well on buy now pay later and then all the non-paying happened) Our monthly mortage payments are currently: £833 (but I have sleepless nights over the interest rates rising and we cannot enter a fixed rate as mortgage company won't let us) Secured loan: £362 Unsecured debt repayment: £550 We have a joint monthly income of £5250 Our outgoings are: £5240 I worry that my husband is sinking into depression because he is away from home all the time and we really just want to live together. He makes a really good living but we are in such a mess that we just need to earn more and more and I worry about April because of the many bank holidays he cannot work it meanst that we will be £300 short:( I spoke to National Debtline and the lady said to move down south, secure a rented property, put aside the money for the bankruptcy, hand the key over to the mortgage company and then declare bankruptcy. Wouldn't that be seen as us delibaretly causing bankruptcy? where would we declare bankruptcy? In the Midlands or London? Would we struggle to live after bankruptcy, can they take away all your earnings? In the long run we want to emmigrate to the US, is there an issue doing that if you are bankrupt? How long can you not become a director of a company? Not that it is an issue right now but because we are essentially sole traders but it may be an issue if you can never ever be a director again. Any help really appreciated. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.