I have around 24k worth of debt and have been in a payment plan with payplan for 3 years but struggled to maintain it after 2 years due to being made redundant. My wife and I own our house and we are looking to sell up and rent as the mortgage has gone up and we just cant afford it anymore. I have a charge on the house for around 10k and 2 CCJ's. I dont know what way to turn and whether to sell the house first and consider bankruptcy, but because of the charge i cant?! I also need to know if i do go bankrupt, how hard is it to rent somewhere We are also in negative equity by a couple of thousand pounds aswell so what do you suggest
As with all things in life planning is probably the most important thing for you here.
Renting is more difficult if you are already Br but perhaps you should wait until AFTER you move to submit your petitions.
Do you have any equity in the house after the mortgage & 2nd charge?
Depending upon your level of debt there may be alternatives that are certainly worth exploring.
There are some great professionals on this site or the sister site iva.co.uk and I would really urge you to pick up the phone tomorrow and have a free chat with one of them.
If nothing else if Br is the right solution your mind will be at rest and you will know the situation and get some pointers
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
IS bankruptcy best for me?
Posted - 09 April 2008 : 15:26:26
