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Sheenauslu
Starting Member
United Kingdom
2 Posts |
 Posted - 02 March 2013 : 00:21:37
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| My husband and myself are in a position where bankruptcy has become an option, but we would like some advice as to whether it is the right and only course left to take. We bought a house for £82500 in 2005. A loan was secured on it in 2007 for £20000. Unfortunately the house is now in negative equity, as it is worth at least £10000 less than we paid. Selling up is not an option as the mortagage owing stands at approx £68000 ( we have been paying interest only for about 5 years)and now the loan owing is still £18000 and selling up would not clear both. Secondly we owe about £13000 in various credit cards between us. We are on a DMP paying £400 a month, but not all credit companies have frozen their interest and some have for only a short time. Although I am actively looking for a job, I am unemployed and my husband's business is slowly dying. We are struggling to pay our bills for the business and the home. We have a £3500 debt owing to the electric company for the business. This situation is going bad fast. I am suffering with depression and my husband and I are arguing all the time over money. We need serious help and fast!!!! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 March 2013 : 07:19:52
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Hi Sheenauslu,
Bankruptcy could definitely be an option.
Is your husband a sole trader? Is he wanting to get our of the business? Are you wanting to stay in your home or move into rented?
I suggest you contact an expert to chat all of this through and see what your options are.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 March 2013 : 07:58:31
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Hi and welcome to the forum.
Sorry to hear of your problems. As Viki says, chat through things with an expert. The advice is free and you will be able to find a solution for your debts. |
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Sheenauslu
Starting Member
United Kingdom
2 Posts |
Posted - 02 March 2013 : 13:46:30
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We already live in rented as we relocated. we have been trying unsuccessfully to rent the house out.
Husbands business is a ltd company. However he would want to keep the business as it is our only source of income. How could he do that? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 03 March 2013 : 09:06:51
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I suggest you speak to an expert as there are lots of decisions to be made, and you really need to chat through your options.
In bankruptcy, he will not be able to be a director of limited company, but there may be solutions. Also, if the house isn't your family home, then that will go, but again, it's important that you have all this explained.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 March 2013 : 09:56:11
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| Agree with Viki - please either speak to her or visit CAB for advice. |
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Bankruptcy is an option but we would like some advice
