Bankruptcy would free you of the debt and with no disposable income you would likely not be made to pay an income based contribution to your creditors.
The issue is your property what level of equity is in the property?
The you are not insolvent and bankruptcy proceedings would possibly be the worst option available to you. Is the property jointly owned? And have you thought about selling it to repay your debts?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
is bankrupcy the answer
Posted - 30 April 2008 : 08:02:48
