I currently owe around £35k with a monthly income of £1670 after tax and outgoings of around £1600. I have previously made an arrangement with my creditors however I am still unable to make the required payments. I am now considering Bankruptcy, but am very concerned about the following two points. 1. I have a car worth around £3000 that I need to commute to work in and take my 3 year old son to nursery. Is it likely this will be taken away? and if so, is there anything I can do to retain it? I noticed it is sometimes possible to ask someone to pay the difference over £1500 the court/creditors?
2. In addition to my debts to my creditors, I have had to borrow money from my father which I pay back to him at £200 p/m. How will Bankruptcy affect my ability to still pay him?
Any help you can offer will be much appreciated. Paul
before taking the leap you need to understand the consequences of bankruptcy and if it is the right solution for you. So i would really recommend a chat with an expert to fully go over all the solutions to debt and check the validity of each before you make your final decision.
It may well look better on your Br forms ( if that is the right solution) if you have had a chat with a professional.
regarding the car it is on the absolute upper limits and I would suggest that your best route would be to sell car and with the released funds you can pay the br fees plus buy a lower priced car that will be ok in br.
the money you owe your father i am afraid would come into the overall debt so your father would need to be put down as a creditor.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
considering Bankruptcy, but am very concerned
Posted - 08 April 2008 : 10:23:38
