Author Topic: Thinking of going bankrupt  (Read 29031 times)

Gary karper

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  • Posts: 1
Thinking of going bankrupt
« on: Jun 01, 2015, 06:16:14 PM »
Hi guys
      I've been disabled last 2 half years and lost my job and been dealing with my creditors paying a couple of pound a month with 12 creditors, my wife not happy coz she signed for a loan which she liable for and I'm only living there coz she feels sorry for me her mum said she will pay the debt of for her leaving me with unsecured credit card debt about 55 thousand pound debt I had a gambling problem,thinking of going bankrupt but the house is my wife's and she now wants me out coz she thinking if I go bankrupt they will take her house of her to pay my debts,it's worrying coz I'll have no where to live and I'm only on benefits.
Any advice thanks gary


Dan2097

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  • Posts: 3
Re: Thinking of going bankrupt
« Reply #1 on: Jun 03, 2015, 08:37:59 PM »
Hi Gary.

The first thing to do is create a plan, write down the debt, how much and the repayment. Keep this log and update it with every payment.

With the amount of debt you have an IVA does not suit, bankruptcy would be a good.

Your partners house should not be included in any assests. Contact the citizens advice, they will give you advice on if any assests will be included.

If your bankruptcy is approved you may have to make payments for three years, but these will be minimal and more of a good will gesture, a token amount.

Your credit file will be reset after 6 year i believe, a fresh start.

Dont feel forced to conduct any sort of debt relief, these companies earn comission who ring you and dont always care about the invididual. Do your homework, but bankruptcy sounds correct for your situation.

Dan