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is Bankruptcy the answer?

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toby78
Starting Member

1 Posts

Posted - 30 June 2009 : 18:53:33

Hi,
My wife and I owe 97,000 on loans and CC's. This has been outstanding for about 6 years. We stopped all token payments around 2 years ago. We have no savings, property or goods worthwhile.

I am in a steady job now, but not great wages. Ł21,000
We have 2 kids 8 & 12

is Bankruptcy the answer?
I dont want to end up on the breadline for 5 years with a IVA

kind Regards

Niobe
Administrator

United Kingdom
4590 Posts

Posted - 30 June 2009 : 19:26:22

Hi,

I would say that bankruptcy does sound to be the solution for you as you have no assets to protect.

I presume that both of you will be going bankrupt? You will need Ł510 each for the court fees. The forms can be found online here:

https://www.insolvencydirect.gov.uk/isolv/

Ring your local court to see if it is a 'walk in' on the day service, or if you have to make an appointment - some courts currently have a backlog.

You'll be able to get your life back on track then.

The glimmer gets brighter all the time

Jan
xx

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