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Bankruptcy? Advice needed please

5 replies

gypsykream · 21/11/2006 16:02

Since we bought our home 6 years ago, we've always been stretching things a bit, but we both had good jobs. Since our income has dropped since the birth of our son, things have been very difficult. I went back to work full time to start with, but was using half my wages on childcare....so didn't see the point. I went part time, but again the figures didn't add up. The stress is enormous, and I think we have both decided that bankruptcy is the only way as our debts are huge. Has any one been through it....any advice would be very much appreciated.

OP posts:
janinlondon · 21/11/2006 16:50

I think the best place to ask this question is on www.fool.co.uk - the discussion board called Dealing with Debt. If you are prepared to set out your entire situation for them there are many many people who have faced exactly what you are facing (or worse) and can give really valuable advice. As things stand, what have you got to lose? Give it a try. Good luck!

curlysmum · 21/11/2006 17:57

I don't know the ins and outs completely but know its a very big step , are you prepared for the fact that you will lose your home , a friend of mine her husband declared himself bancrupt during the time he split with her and because the house was an asset it was swallowed up by the insolvency practioners fees who take their cut first , have you considered an IVA which is a step down from bancrupt and allows you to keep your house , the CCCS are a good organisation non profit councelling who give advice also try this website she was recommended them as they are free service they have lots of info and a forum www.ukdebtadvisers.co.uk and can help negotiate with debtors, are they secured debts or credit cards etc.
It is a very big step which will prevent you from getting a mortgage again for quite a few years.

zenjy1 · 21/11/2006 19:51

cccs

and

moneysavingexpert.com

The second one will likely point you to the first, but there's lots of good advice on there about what to do if you're in debt crisis. Use the CCCS if at all possible - their advice is free and completely impartial. Be very careful using other sites as they make their money selling IVAs and other insolvency "products" to people in your situation, so what is in their best interests may not be in yours.

Good luck!

willowcatkin · 21/11/2006 20:36

This is my field of expertise - e mail me if you need some advice

willow underscore catkin at hotmail dot co dot uk

gypsykream · 21/11/2006 22:39

Thank you guy's....

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