Im about to file for bankruptcy as our debts even though we have been paying a token payment are out of control.
We currently have combined debts of about £60000 and a mortgage of 155000 of which i believe the house is worth about 180000. We dont have enough disposable income to allow for the debts now and i was wondering if it would be better to go down this route now. We just want a fresh start, we dont want to lose the house but we are missing payments here there and everywhere we cant even afford more than 30 a week shopping with 3 kids. Any advice greatly received
We will lose the house although there are no debts secured on it. I dont know if the bankruptcy will close my tuxdeo eaccount and also what do i do about child benefit. can they close both these accounts once we file for it. Any help greatly received. We have £ 55000 in credit debts that have mainly gone on the house and outgoings exceed incomings now. One more thing if we sell the house to pay mortgage would a local council still house us.
Hey nuttynursee, welcome to the forum. You are in a great place for advice and support. Please hang on in there and an expert will answer all of your questions. Viki X
If you have no disposable income to make reasonable payments to your creditors, it would seem that bankruptcy is an option to consider, but do bear in mind that this could result in the possession and sale of your property.
I suggest that you take proper professional advice from an insolvency practitioenr about your options.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
It looks like BR is definitely the way forward. I would recommend speaking to a bankruptcy specialist as steps can be taken to safeguard a property prior to BR.
our debts are out of control.
Posted - 26 May 2008 : 21:43:14
