My financial situation has hit rock bottom and will begin burrowing under the seabed if I let it contshavings I feel having exhausted all avenues I only have one choice left. Bankruptcy.
However, would I be eligible? I am a single parent with two children aged 5.5 and 3.5, I intend to start work this Autumn when my youngest starts school, but the last 3 years particularly have seen me gain debt and eviction at an horrific rate of knots.
The debt is all past utility bills arrears and the social fund loans I have taken out over the last 5 years to pay for deposit/rent advances. I don't have any catalogue, etc debts, no current rent arrears. I don't smoke, drink, socialise, drive, holiday, have satellite tele or other luxuries.
I have £28 in my bank, am right up to my £500 overdraft limit, have no savings left now after Christmas and no credit facility to take out consolidation loans or whatever they're called.
All my debts are currently deducted from my income support before it's paid into my bank leaving me £22 a week for the foreseeable future, although Imdo receive child tax credit and child benefit.
Their father pretends he doesn't work and so only pays £2.50 a week maintenance.
I have sold virtually everything I can on eBay to raise cash.
Anytime benefits are paid in, because money is auto deducted, the debts are being paid off regularly but it's going to take several years at this rate, so it always feels like one step forwards two steps back. I just can't seem to get the overdraw status down no matter what I do. I just want to be able to get back in the black and have a 2 or £300 healthy balance in my current account again so I can actually start budgeting. But I can't even budget because it's pointless, there's nothing in there to budget with.
As I will never get credit in the future anyway, being bankrupted and the blacklisting that entails isn't significant to me, but it's the only way I can think of to shift the heavy debt once and for all and start from scratch. The burden of it is killing me to the point I am struggling to cope mentally.
Can anyone please advise me if I could be eligible to be become bankrupt and who I should go to if so, ie to my bank or to a solicitor?
Thank you in advance.