considering going bankrupt?

[eddo241]

hi i have debts over 20k without an nram mortgage one of those that they topped up with now a loan. im currently paying 12k on a ccj which is charged on my property. the rest is through a voluntry agreement,the problem is i now need to move but would be stuck with a massave shortfall,would bankruptcy help or be a massive headache -we would rent a property so have no need of it-the wife does not have her name on any of these debts if that helps?

[Sapphire]

Re: considering going bankrupt?

:bump:

[FlamingParrot]

Re: considering going bankrupt?

hi i have debts over 20k without an nram mortgage one of those that they topped up with now a loan. im currently paying 12k on a ccj which is charged on my property. the rest is through a voluntry agreement,the problem is i now need to move but would be stuck with a massave shortfall,would bankruptcy help or be a massive headache -we would rent a property so have no need of it-the wife does not have her name on any of these debts if that helps?

Bankruptcy is a big step to take but, in the right circumstances, could well give you a fresh new start. :thumb:

If you anticipate a large mortgage shortfall, it could well be the solution for you, because, unlike unsecured debts, the Statute of Limitations on mortgage shortfalls is 12 years rather than 6!

Almost everything you need to know about BR is here: http://www.nationaldebtline.co.uk/en...=01_bankruptcy

Hope that will help you make a start, do come and post up any questions you may have.

[eddo241]

Re: considering going bankrupt?

would the wife be affected-her name is on none of the debts?

[labman]

Re: considering going bankrupt?

This site has a phone number which may well be worth a call:

https://www.gov.uk/the-insolvency-service

Bankruptcy should only ever be considered as a last option, where all other avenues have been exhausted. None of us know what the future holds, and while you may think the consequences won't affect you now, that does not mean they won't at some stage in the future. BK lives on long after you have been discharged; for example lots of job applications and other forms ask if you have ever been made insolvent.

A forum such as this is not the best place for you to be seeking information. You need to be looking at the links given above and talking to people who are dealing with this every day. They will be far better placed to guide you towards the correct route for you than anyone on this site.

You may find they suggest exploring other options like renting out your property for the time being to cover mortgage payments, and wait until house prices pick up again to minimise the shortfall. This is just one of several things that could be suggested. Without knowing all your details, income, expenditure etc... it really is impossible to attempt to advise on something this serious from a four line post. I hope the links get you some good advice, and that things work out well for you in your circumstances.

As said above, if you can't find the answers you need, or still have questions they cannot answer, please come back and we'll do our best to find out for you, but they are your best starting point rather than here. Good luck!

In terms of your wife, I will answer that question. No, she should not be affected as long as all debts are solely in your name. However, if she has a credit card on the same account, or a joint loan, or underwritten any of your debts, then she would become liable for those debts if you decided to file for BK.

[FlamingParrot]

Re: considering going bankrupt?

would the wife be affected-her name is on none of the debts?

In terms of your wife, I will answer that question. No, she should not be affected as long as all debts are solely in your name. However, if she has a credit card on the same account, or a joint loan, or underwritten any of your debts, then she would become liable for those debts if you decided to file for BK.

...as long as the house is in the OP's sole name :confused2: and not jointly owned with his wife.

[labman]

Re: considering going bankrupt?

hi i have debts over 20k without an nram mortgage one of those that they topped up with now a loan. im currently paying 12k on a ccj which is charged on my property. the rest is through a voluntry agreement,the problem is i now need to move but would be stuck with a massave shortfall,would bankruptcy help or be a massive headache -we would rent a property so have no need of it-the wife does not have her name on any of these debts if that helps?

Only using the OP's own words FP :beagle: