Topic: £38k debt

[Tattooedk]

Hi, I am looking for general advice on bankruptcy.


My current situation is that my wife & I separated about 6 weeks ago.  I am living at my brothers place for a while I work on a more permanent living arrangement.  I have approx £38,000 of debt between credit cards & loans etc which I am looking to declare bankrupt.   I do not own my home, my wife was the only one on the tenancy, I have no savings & am paying about £1,100 a month on my debts, £400 a month rent plus travel & living expenses & I also help my wife with a few of her bills because I was the main bread winner in the family.  I only earn about £1950 per month take home.  I don't really understand how the bankruptcy works when they decide how much I pay back? how is this calculated & on average in the UK; how long is it before you are discharged?


Because my living arrangements are temporary at the moment, none of my addresses have been changed yet.  Would I have to change my address to where I am living before filing for bankruptcy?


Thank you in anticipation of your help


Kev

[justindrew]

I am present regarding 38k in debt and am attempting to work out what my best choices are to induce out of it. I've thought of declaring bankruptcy, however, I don't understand if that may be the most effective possibility and it's positively one thing i would like to avoid if possible.

[justindrew]

I am present regarding 38k in debt and am attempting to work out what my best choices are to induce out of it. I've thought of declaring bankruptcy, however, I don't understand if that may be the most effective possibility and it's positively one thing i would like to avoid if possible.