All Forums  archive  Forum Questions  Hi, basically i have a debt of 30,000

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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 mashooq[/i] [br]Hi, basically i have a debt of £30,000, aand im looking to go bankrupt. I have relatives which i also borrowed money from. I had a house, but sold it last year, as i couldnt afford to pay the mortgage, and i had debt with my family members. So with the money i got from selling the house, which is around £30,000 i settled payments to my family and friends. I was wondering if i go bankrupt, what would the court ask about me selling the house? will they know? and will i be asked about where the money went? and also will the court accept the reason for the money i got from my house, was given to the people i owed money to. I currently have £30,000 in debt with 3 creditors and 1 loan, which are currently with a debt management company, and due to the ressesion its getting harder to cope, i have gone over my expenses over and over again, and i can only pay a maximum of £80.00 a month, so would IVA be the best option for me or should i go about being bankrupt. Currently i have a part time job, where i work 16 hours, and recieve £80 a week, i also have a joint claim on workers tax credit with my wife. The place where i live is in my wifes house, which i pay rent to. So i was wondering if i declared my self bankrupt, would the courts seize my wifes assets, as i dont want to drag my family into this mess. I will be really grateful if you could contact me, thank you [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.