I have recently seperated from my wife and have a £90,000 mortgage, 3 credit cards which total up to about £6,000. I also have a Bank loan for £12,000. As the sole earner in the house there it is impossible for me to afford these debts. I am willing to go into rented accomadation as is my ex wife. Do I qualify for Bankruptcy and is this the best course of action for me to take.
Hi Paddy02. Any body can go bankrupt but make sure you get correct advice before you do. You can contact one of the forum experts who will advice you on the best way of doing it and getting all your assets sorted before going to court. I am using Reviva who gave me sound advice and saved me making expensive mistakes. Good luck and well done on making the first steps.
welcome to the forum sorry to read about your challenges.
can you please confirm the value of your house ?
if any of the loans are joint loans then should you or your (ex)wife enter in to bankruptcy the debt will be passed onto the other.
hopefully you are on speaking terms and can help each other
If you are a resident of the UK and your debts are greater than your assetts and youy cannot keep up payments for your debts then yes you can apply for bankruptcy
At this early stage i would suggest contacting one of the experts who post on the forum (details of experts to the left) If you run the whole scenario to them they can help with suggestions, options and directions, it is then up to you if you take this advice.
I ued Paul and his team at reviva and also found them very helpful,(sorry steve did not mean to type over you)
Do I qualify for Bankruptcy ?
Posted - 24 May 2010 : 15:48:07
