| T O P I C R E V I E W |
| pam.mn |
Posted - 14 August 2009 : 14:08:41
will i be able to go banckrupt?
We have a jont debt of 125000 with 13 creditors.
We own our own home but there is negative equity.
We have a joint income of 2,970 per month.
We are currently seeking advice with the cccs. We initially decided on an iva but a break in work would have left us with insufficient income to pay the monthly iva plan.
We then were advised to do a debt management plan which we started but because of our debt it would take us over 12 years to pay. We are both 53 years old.
We now want to go bankcrupt so we can start a fesh. I am starting work again in sept on a temporary contract as a teacher covering a maternity leave. We have been told by the cccs we may not be eligable for bankruptcy could you explain what that means. pam |
| 5 L A T E S T R E P L I E S (Newest First) |
| Daniel Griffiths |
Posted - 14 August 2009 : 17:03:47
This sits perfectly due to the level on unsecured debt with voluntary bankruptcy for both of you. I cannot understand what the CCCS is saying here, did you ask them why you could not go bankrupt, I would love to know the answer. I would get back to repayment straight away on the property and stop making these payments as you say it would take 12 years at £870 month if the debt was frozen, no-one in the present financial climate could forecast full employment for the next 12 years |
| Jane.l |
Posted - 14 August 2009 : 14:56:48
If I were you, I would put it back to repayment.
Can you afford the mortage and are there any secured loans on the house?
If it is in neg equity and you can afford the mortgage payments, you can go bankrupt, and buy the beneficial interest from the OR |
| pam.mn |
Posted - 14 August 2009 : 14:51:34
hi jane 1
we would like to keep the house but are currently
paying interest only so we had more avaliable for
creditors.
|
| swbankruptcy |
Posted - 14 August 2009 : 14:37:03
I agree with Jane here - thing about IVA and DMC companies advice is they make money out of both of those solutions - they will not make any money out of you going bankrupt (BR).
if you go BRyou will probably end up paying into an IPA but the great thing about BR is you are debt free the moment the judge signs the order - we did it in January - yes it was traumatic leading up to the date but once we had got the interviews over with (nowhere near as bad as we thought they would be) I can say it is like a massive weight off of us - we can think about our future again now.
you will not lose you home if you want to keep it as long as you only have the mortgage on it and no other secured loans.
There are a lot of people on here who can adivse and help you through the process - personally I would say BR is probably the best route for you to go now.
FRESH NEW START!!!!! |
| Jane.l |
Posted - 14 August 2009 : 14:25:37
I am not sure why they would say you are not eligible for bankruptcy.
Your circumstances were very similar to mine
What are your plans for your house? If you go bankrupt would you like to keep it or give it up? |
