am in serious debt. 81500.00 on joint mortgage plus unsecured debt of about 25000. hav been living on credit since been made redundant 3 years ago,hav had a few jobs since then got opputunity to go self employed this only lasted 7 days as it was costing me more to go to work than i was making.have not been paid for those days yet. had to stop work due to illness (anxiety+depression) i hav awife who has unsecured debts of about 10000 she is currently on incapacity benefit we hav 3 children at school and are living on tax credits waiting to hear about sickness benefit for myself we have arrears on the mortgage and some loans and credit cards is my only option to go bankrupt and move into rented accomadation
I am sorry to hear about your situation as things sound difficult for the family. Hopefully we will be able to give you help and support.
It would be good to get a little more information so that we can help with some advice. i have put these down in question form for ease of answering.
1. What is your house worth and what are the monthly mortgage payments? 2. Which mortgage company are you with and how much are the arrears? 3. Do you have a car? if so what value is it.
As soon as you can help with the above we should be able to give you the advice you seek.
take care
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Bankruptcy would seem like the best alternative for someone in your situation.
You need to contact your mortgage company and see if you can negotiate to recapitalize your arrears by say paying them over a 12 mnth period over an above your mortgage payment i.e £824. This would at least take the pressure off, but I understand the payment of this is still difficult.
Have you gone to the council to see if you can get assistance in paying your mortgage? This might save you having to move to rented accomodation and with little equity in your house I don't think it will be looked at by an OR in bankruptcy
If you were to go Br we would need to caluclate if you are better to remain in the house or would you be better off moving out into rented. Please check and see how much rented accomodation is locally to you ( big enough for the family.
So in excence best route is to work out the expenditure ( and available support from coucil etc) for each route:- Route 1 : remain in house but go Br Route 2 : leave house and go Br
No point in doing half a job and still having a monthly shortfall.
If you can do a full I & E then we can see which route m=would work better for you
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
help please
Posted - 09 March 2008 : 19:45:29
