Due to ill health I cannot work. My husband on a very low wage £600 per month in Cornwall. Our rent is £480 a month alone plus £40 electric on top. We don't own but rent, with no hope of ever having mortgage.
2006-11-08 22:39:31 · 15 answers · asked by Anonymous in Business & Finance ➔ Credit
Depends on what debts you have, before you file talk to you bank to see if they will offer you a bank account following bankruptcy. my friend went for 500,000 pounds not a problem he now has credit cards and bank account one year on.
2006-11-09 01:35:44 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Just watch any financial show on tv and every single one will tell you that Bankrupcy is the absolute absolute last choice.
It will ruin your credit score probably for the rest of your life, Where will you ever get a loan or mortgage without paying 5 times more interest than most people?
You will never be able to start up your own busines, there are so many restrictions when you've been made Bankrupt.
You also need to thing how it will affect you psycologically, there is a feeling of shame, of failure to take into account when your friends, family and your neighbours find out.
You should visit the debt credit council or citizens advise before you go down this road, both are non profit making organisation so you'll get the help for free.
My friend was in massive debt and citizens advice got loads of companies to just write some of it off because they had no chance of getting it.
2006-11-08 22:50:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I personally feel that letting yourself get into bankruptcy will only make you have more problems. These days alot of people have been reported on the news for financial circumstances regarding mortgages with out a realistic price plan to pay of debts or whats otstanding. I think it would be best if you worked out exactly how much it is you spend and how much you need to pay off. If it mean you and your husband have to cut back on things, just remember its for a good cause. What are you going to do if you become bankrupt, ask yourself wheres the money going to be coming from, what going to happen to your property. Are you going to have to take out more loans if you have already, this wll just escalate into debt problems and you definitely don't want that. This is something you both need to work out but don't panic seek professional advise to help sort the prob before it get even more worst than already is!
2006-11-08 23:38:47 · answer #3 · answered by vic 1 · 0⤊ 0⤋
Not the best way out,try the consumer credit counselling service(cccs) they are a government run firm so there are no hidden charges for there service. They will weigh up your debts and what you owe your income and will discuss a comfortable amount you can afford each month. They will then distribute the money you give them each month between your creditors. To contact them you can either go on there website at www.cccs.co.uk or ring them on 0845 272 5400. They are great and they listen to everything and there not judgemental,they are in fact very supportive. Give them a call and have a chat,you will feel alot better then ....
2006-11-08 22:52:39 · answer #4 · answered by The chandlers 2 · 1⤊ 0⤋
Bankruptcy is an option but not one you should take without proper advice. Contact the Consumer Credit Counselling service. Ironically, even applying for bankruptcy costs money.
If your circumstances have recently changed then maybe you should contact the benefits agency in case there is more they could be doing to help.
2006-11-08 22:51:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
How is bankruptcy going to solve your problem of spending more money than you make? You need to have your husband get a better job and you need to find something to do as well.
I suspect you are a slacker and not really in such poor health that you can't do anything sort of work.
2006-11-08 23:54:39 · answer #6 · answered by Anonymous · 0⤊ 1⤋
No that should be the last resort go to payplan it's totally free and recognised by all the big financial company's visit www.payplan.com do not use the firms advertised on the TV whatever they say about it being free all that is free is their advise they charge for their services payplan don't.
2006-11-08 22:54:21 · answer #7 · answered by cliffhanger 4 · 0⤊ 0⤋
Yes its a way out but that will mean that you have to lose any hope of getting any bank loand and credit card for a long time to come and perhaps for whole life.
2006-11-08 22:43:06 · answer #8 · answered by Smriti 5 · 1⤊ 0⤋
no not a good idea. you wont get anything from a bank in the future if you do. it is a possible route for a business because the owner is a separate entity from the business, so if a business is bankrupt you'll be ok.
2006-11-08 23:04:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋
CCCS are the way to go, I know several people that have used them. It's a charity and a free service, they will contact your creditors, halt interest and help you budget so that you pay what you can really afford.
2006-11-08 22:49:37 · answer #10 · answered by Anonymous · 1⤊ 0⤋