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steg90
Starting Member
42 Posts |
 Posted - 02 November 2010 : 08:58:15
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Hi,
I am new to this forum and was wondering if I would be allowed to go bankrupt. I have debts of over 25k to 3 creditors, one of these is a loan that has still over 5 years to go. Due to change of career, divorce I'm really struggling to pay my debts, although, I've still not missed a payment, but due to new career, this is soon going to happen as I'm not earning the same amount of money as I use to unfortunately, and the new job is part-time teaching which pays me around £1200 a month. I pay out around £650.00 a month in debts, £350.00 in rent, £97.00 council tax, £100.00 electricity, £12.00 tv license, £26.00 water rates. I've tried to get full-time teaching but due to what is happening to the public sector, this is proving extremely difficult indeed. So, is bankruptcy an option for me?
Many thanks,
Steve
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steg90
Starting Member
42 Posts |
Posted - 02 November 2010 : 11:37:16
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Just answering my own questions after doing more research, would an IVA be better for me?
Any help, advice is very much appreciated.
Steve |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 November 2010 : 13:03:40
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Hi and welcome to the forum.
Bankruptcy or an IVA may be options. You would really need to take specific advice regarding your situation. It all comes down to what assets you have, what disposable income you have and many more things that you should have explained to you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 02 November 2010 : 18:05:14
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I would recommend speaking to one of the experts who post on the forum, or contacting an Insolvency Practitioner.
Contact details for the experts can be found in the experts' section at the side of the page, and details and reviews of IPs can be found on www.iva.com.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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| bankruptcyhelp.org.uk Forum |
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I think I should finally now go bankrupt
