My son in law borrowed £100,000 to start a business. The business has gone into liquidation and he has personal debts of £50,000 (at least 3 credit cards) He's selling his house to pay off part of the debt. He's just been offered a job at around £50,000 pa He has a wife and 3 young boys under 8yoa. Should he apply for bankruptcy now before the house sale goes through or after or not at all? If he does sell the house he may move in with relatives. But he wants to rent a house. Problem is he has no money for the deposite - so he's either going to ask friends/relatives for support or he'll borrow again. Be glad of any advice
I agree with RHB and please ask your son in law to discuss the matter with an expert before coming to a decision. There are many imponderables in your message which need to be clarified.
All the best.
John Blackadder
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
My soninlaw borrowed £100,000 to start a business
Posted - 15 July 2011 : 08:51:44
