I am currently on a DMP with approx £25,000 of unsecured debt owed to 8 different creditors. I am paying £125 per month so as you can imagine its going to take many years to repay my debt. I am a (joint) homeowner and am pregnant with my second child. My financial state is really worrying me as I won't be able to return to work full time as the cost of childcare for 2 children would take my wage. Part-time work is an option and one which I'd like to go back to after maternity leave but my wage would decrease significantly leaving no money for DMP. I'm leaning more towards bankruptcy but obviously worried about what will happen to my home - note that I believe my home is in negative equity as was purchased during peak of housing boom. Any advice greatly appreciated.
If your home is in negative equity then the house will be valued again 2years and 3 months after your bankruptcy and any equity dealt with then (only your share).
I suggest you either speak to your debt management company for some advice or contact an expert from the forum to chat everything through.
Leaning towards bankruptcy but worried about my home
Posted - 08 November 2011 : 05:45:01
