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bekkibex | Bancruptcy? |
i owe 40k in secured debt and 35k in unsecured, if i go bancrupt will it wipe the secured debt too? even if its in joint names? im currently on a debt management plan for the unsecured stuff. i have two children and a mortgage.
Additional Details
ive tried an iva with 3 different companies and i couldnt afford the £250 a month minimum payment as the secured loan is £500 out my money on its own. what happens when you go to court? are your creditors all there? |
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seantyrer123
 |
Hi Bigbirdbecky,
Well bankruptcy may well me a strong option for you but it will very much depend on a number of factors including:
1. Any surplus income that you have that could be used towards debt repayments.
2. Any assets that you have that would need to be considered (home equity for example)
3. More importantly - how you as an individual feel about your situation and what you short, medium and long term goals are.
Debt Management Plans are for many people not a very good way out of debt if the repayment period is likely to go on for many years. As DMPs are not binding agreements with creditors they also fail to deliver any real benefits to people on them in many cases.
That you have already explored the IVA option a number of times and found the suggested monthly payment to high suggests that this is perhaps also not a strong option for you as it simply may not be affordable. If you have equity in your home however an IVA may still be an option though I must stress.
Can I suggest that you peruse the resources on the Myvesta site as I think you will find them particularly helpful. I have attached some of the key links that I think may be of most help to you below.
http://myvesta.org.uk/
http://myvesta.org.uk/media/video/bankruptcy/index.html
http://myvesta.org.uk/media/video/iva/
http://myvesta.org.uk/forum/index.php
Hope this helps!
Regards
Sean |
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Matthew s
 |
insolvency law 1986 states that if you have childern under the age of 16 living with you, then they cannot force the sale of your family home... you need to speak to either debt conciladation service or solicitor... hope this helps |
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taketwo
 |
yes you will lose every thing |
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g8bvl
|
you may well loose your house as this will be taken into account if their is any equity in it
your best option would be to make an appointment with citizens advice or take a free hour with a solicitor.
http://www.citizensadvice.org.uk/ |
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Apple Blossom
 |
When we filed two years ago...chapter 7, we filled out papers and we decided on what we were keeping(not filing on) and what we were filing on.
We kept our house and our paid off car.
And our debt was around the $30,000 mark.
You should call around and get a lawyer and ask them all the questions you do have. Ours answered questions over the phone and internet.
Good luck!
I will tell you this. We waited around a year or more trying to pay our bills and getting deeper and deeper. Finally when we did it, we walked out of court and it was like ahhhhhhhhh. No more bills. It was so awesome!!!
:) |
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Veston Pants
|
Your security on your secured debt will be called in. When someone is bankrupt the courts will seize and sell all assets. If the security you speak of is your house yo will lose it. |
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Boris
|
If you own, or have a mortgage on your house, you may lose it.
Speak to the CAB. They can help you. |
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duggiedugg
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Even though you may right off debt by going bankrupt, your credit rating will be BAD for many years and trying to get back on your feet later will be hard, maybe you should think about resolving as much of the problem as possible then trying to write the remainder off.
Bankruptcy and writing debt off will make you a leper in the financial and borrowing world. |
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poppyspops
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if u go bankrupt it will wipe all your debt secured and unsercured everything you owe will be wiped they may ask u to pay it back if you can but just say u cant afford it and they will never ask again. also if you go bankrupt you cant get credit or anything for 3 years untill you get discharged. and you wont be a ble to open a bank account. I went bankrupt but im discharged now phewww thank god for that. if u need mroe info email me |
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