Author Topic: Fact or fiction  (Read 1725 times)

loadmaster

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Fact or fiction
« on: Sep 05, 2013, 12:08:27 AM »
hi, just a few simple points i hope can be cleared up.

When bankrupt and working out my income and outgoings for esensials like rent and food etc im left with only say £100 and have 50k of debt with the bankruptcy last more than 1 / 3 / 6 years and im doomed to never save again?

i dont care about credit again as this situation was brought on by my now ex junkie wife and her habbit. im just dealing with what i can but is bankruptcy the right choice as at present i have two houses in neg equity and about 20k of debt.

regards

James Falla

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Re: Fact or fiction
« Reply #1 on: Sep 05, 2013, 10:03:56 AM »
Hi there loadmaster
 
Bankruptcy lasts for 12 months. After 12 months you are discharged. Having said that if you are left with £100 a month after all of your reasonable living expenses are taken into account then you will have to pay this towards your debt of £100. These payments will last for 3 years maximum. This is a separate agreement to the bankruptcy itself called an Income Payment Agreement.
 
Bankruptcy might or might not be the right solution for you if you have two houses in negative equity. The one you are living in will not be at risk. However if you are renting one out then this could still be at risk even if it is in negative equity. This is actually quite a complicated situation concerning rented property and bankruptcy. You can speak to me in in more detail about this if you wish.
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