Hello - We are trying to figure out what to do - we have £30K credit card debts and no equity in the house. I am working and my husband is self employed and he has not been able to find enough work. Just my earnings do not cover necessary outgoings even without credit card payments. When my husband has work we can just about cover everything but with no spare at all. That's not happening lately so we are just getting deeper in debt.
We wouldn't be able to commit to an IVA as we don't know what our income will be month to month. We're also coming off a fixed rate shortly so that's going to make things even worse.
My questions are will we both be able to go bankrupt and if we did what would happen to our house as there is no equity. We don't really want to keep the house as we would like a clean break. My husband has been offered work abroad but it would not be high paid work - just enough to live a basic life out there. Would we be able to leave the house and the country bearing in mind I'd be leaving my job. Would the court frown upon this? Healthwise it would be the best thing for us. Sorry it's long!
You could both apply for bankruptcy, and if there is no equity in your property you could persuade a friend of family member to purchase your beneficial interest in the property for a nominal £1 thus protecting and removing your property from the bankruptcy.
There is nothing to stop you emigrating - bankrupt or not, but depending upon the country of your choice there may be visa issues as a result of your bankruptcies.
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
Thanks for your reply - Sorry I don't really understand about the house - if it was removed from the bankruptcy does that mean we have to keep the house and pay the mortgage? To be honest we don't really want to keep the house because we would have to stay here if we still had to pay the mortgage. Thanks again for your help.
just enough to live a basic life abroad
Posted - 24 June 2008 : 20:11:45
