In the UK is it advisable to declare bankruptcy if; you have £70,000 of debt, no assets in your name and want

Question

to be able to keep your parents' assets when you come to inherit them

Answer 1

Bankruptcy is last option.After that it will be difficult to live.If you are wrking/earning you can get a loan ,repayable in instalements,and clear the existing dues.That will be better.

Answer 2

If you have no property and very little disposable income then bankruptcy would be a good idea. The only problem would be that if your parent passed away within one year of you declaring bankruptcy anything you inherit is likely to be taken by the receiver. But you need to get advice on bankruptcy from someone before you do it. If you file your papers without doing so, the judge will probably send you off to get advice.

Answer 3

No. Why go bankrupt in the first place? Why not get yourself a good and reasonable accountant, I’d recommend a guy called Martyn Godden of the firm August Martyn, get him to negotiate with your creditors, they will freeze interest, and accept a nominal payment of say £1 per month, over time they will make offers to settle for as little as 25% of the debt. It is unlikely your creditors will make you bankrupt, it costs them money to do that and they get nothing in return.
This way your credit rating will be shot, but you can still have a bank account, you can still trade and if you come into some money, well, it may be that money is capital in a company in which you own shares, but it only pays you a very small amount.
If you can still get credit, you could use your last credit card cheque to pay your accountant to act as debt management company

Answer 4

See a solicitor for advice

Answer 5

as long as you have nuthing to your name that you dont want then yes you should it will be a huge waight liftet aswell