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| Sharon.sl |
Posted - 26 November 2009 : 23:10:31
My husband and I have £24k of debt and earn less than our outgoings, we are considering bankruptcy but have 2 children under 4 and so we are extremely worried about losing our house and our cars which if taken away would mean we can not get to work, can you advise? |
| 3 L A T E S T R E P L I E S (Newest First) |
| chester2005 |
Posted - 27 November 2009 : 01:37:47
i agree with the others but, in a nutshell...
if there is no equity or neg equity in your mortgaged house there is normally no problem in keeping it , the OR sells you the BI back for £1 plus £211 costs
if rented it varies with the landlord/letting agent/housing association
cars are normally alowed up to £2000 value if there is a need for them tyo get to work or look for work with them
but as already mentioned contacting one of the professional forum experts like RevivaUK or jones giles would definately set you on the right footing.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
| Richard P |
Posted - 26 November 2009 : 23:58:48
Hi Sharon,
Welcome to the forum, i am so sorry to read about your current issues.
Bankruptcy is an area open to all, hopefully the last resort after all other options have been considered.
you have three big issues that need addressing, House , cars and getting you back on an even keel
some people are able to enter BR of their own accord, but with your three issues, i would suggest speaking to one of the forum Experts, Paul at reviva or mel at john Giles.
email them with your full circumstances, they will both provide you with options.
stick with each other because their will be some turbulent waters ahead, but and a big but bankruptcy is not the end of the world, it might feel like it, so many of us on this forum have got the tee shirt so you are not alone
keep posting and talking to the buddies on this forum lots of good information again a big but contact one of the experts ASAP so that they can start helping your situation and pointing you in the right direction
good luck Richard |
| debtinfo |
Posted - 26 November 2009 : 23:16:16
you will need to give a bit more info
house
mortgaged or rented
if mortgaged is there any equity
if rented - private or council/HA
cars - how much are they worth
owned outright or on HP
What are they used for
how far is work
could you use public transport ie is it practical |
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