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Bankruptcy help please

(9 Posts)
Mummystar123 Tue 01-Mar-16 16:37:25

I now have my decre nisei and will be applying for an absolute in due course but my ex hub has been made bankrupt. The debts are around 13-18,000 and my so.icito said I can either pay it myself ( as I'm the only party eligible to pay now this will take me years or I can go through an I a or go br myself.
How much does going br really mess up your life???? I want to be able to have some savings and one day mane try to buy a house of my own??
I have no idea where to start??
Help!?!?!?!

TalkinPeace Tue 01-Mar-16 17:59:43

Your solicitor should be giving you MUCH clearer advice.

Were they joint debts?
Do you have assets?
Would an IVA work out - are they actually YOUR debts?

rosymeadows Tue 01-Mar-16 18:28:23

Bankruptcy doesn't have to mess up your life really, I have been through it and it hasn't been too inconvenient. My credit rating is definitely too poor for a mortgage right now but I've been able to get bank accounts, savings accounts and a credit card, and once it falls off my record in a few years then it might be possible.

But I do agree that you need more clarification over your liability for the debts - if they are joint and your ex has gone BR then the creditors can pursue you. But for £18k you could get a DRO (cheaper than a BR but still quite bad for credit record), or you could consider an IVA if your income/assets make this a better option (although it can last longer than BR). I'd suggest speaking to Stepchange or National Debtline who both give free specialist advice.

cozietoesie Tue 01-Mar-16 18:38:28

As above but one further point. Do you have a speciality/profession where any of your options might cause 'complications'?

JiltedJohnsJulie Tue 01-Mar-16 21:00:34

You could also look at a debt relief order.

Mummystar123 Wed 02-Mar-16 09:45:18

I'm self employed but don't make and more than 4-6,000 per year and I have no assets at all! Around £8,000 is just in my name and the rest is joint! When we were together his credit was so bad that I got all the credit in my name and had to put our shopping wtc on credit card as he kept clearing out the bank account!!

Mummystar123 Wed 02-Mar-16 19:16:11

Would being self employed be a profession that's not able to go br?? I think I'll look on money saving expert, and try to ignore my weird crush on Martin Lewis :-)

cozietoesie Wed 02-Mar-16 20:23:05

Mummystar

If you're in England,Wales or Northern Ireland, you might find this Stepchange page helpful with regard to professional issues.

Mummystar123 Thu 03-Mar-16 14:10:12

Fab will look now thanks

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