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How do I manage this situation?

(5 Posts)
Lizzly24 Fri 15-Apr-16 06:52:28

Hey everyone. I really need some advice. I've been handling my own business ever since my husband left me, three years ago. But last year we had a big loss and since then we've been having lots of financial issues. Now I'm under, so much of debt that I'm thinking of filing for bankruptcy. But since, I'm a single mother too, will filing for bankruptcy be a good choice. I do have my parents to take care of us, but yet, its upon me to secure my child, financially. How do I manage this situation? I'm confused. Please advice me on how can I still take care of my child in the best way.

jamtartandcustard Fri 15-Apr-16 07:06:21

Bankruptcy doesn't prevent you from working or claiming any benefits so you will still be able to look after your child. If you loose your home if mortgaged then the council have a duty to rehome you. It's not an easy decision to make, there's a whole board dedicated to bankruptcy and living with it in the Martin Lewis website/forum

jamtartandcustard Fri 15-Apr-16 07:10:48

Just to add, I wouldn't bother going through a third party like you've linked above. You can apply directly to the courts instead

lilydaisyrose Fri 15-Apr-16 07:10:58

You need to go and see a (free) qualified money/debt adviser who will review your situation and advise you on all available options. Alternatively, if your business is/was a Ltd company or has/had assets, you could call Business Debtline.

Rockchick1984 Sat 16-Apr-16 08:19:28

That's an American site, are you looking for advice on UK bankruptcy?

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