Author Topic: Bankruptcy even if I can pay my debts????  (Read 3106 times)

emp2005

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Bankruptcy even if I can pay my debts????
« on: Oct 19, 2007, 01:48:20 PM »
I have a huge debts of £45,000 consisting of credit cards, a consolidation loan, and a bank loan. I don't own any assets apart from a car worth about a grand. I can afford to pay the minimum amounts but I would love to have this millstone removed from my neck. What is the chance of declaring myself bankrupt even though I can make the payments?

Chris

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Re: Bankruptcy even if I can pay my debts????
« Reply #1 on: Oct 21, 2007, 10:11:11 PM »
It really depends on how much income you have left after the minmum payments have been met. If you can only afford to pay the minumum amounts and barely surviving of what's left over then you should consider bankruptcy. In order to be able to service a debt you need to pay well over the minimum payments to be able to pay off the debt within a reasonable time span. If you can only afford the minimim you will be paying off that debt for the rest of your life, and so bankruptcy may be the obvious solution.

IVA HELPER

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Re: Bankruptcy even if I can pay my debts????
« Reply #2 on: Jan 10, 2009, 06:39:59 PM »
If you can afford payments then a better option for you could be an IVA.
A simple search on google for the term "IVA" or "IVA Help" or application will bear useful results.
I wont mention which sites as that would break forum rules.
Bad Credit

othellahughes

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Re: Bankruptcy even if I can pay my debts????
« Reply #3 on: Mar 04, 2009, 12:19:51 PM »
Hi,
             Exactly i agreed with Mr Chris. Because bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.