Advice on Bankruptcy?

Question

Myself and my hubby are considering bankruptcy. Its a long story but he was laid off work 2 days before our son was born and debts mounted up. We took more credit out to juggle debts and a consolidation loan although we now both earn around £1200 per month less and can barely afford to live never mind pay the debts.

What would happen if we declared ourselves bankrupt? Would we lose our car that we use for work, even though its an old banger and not on finance? What would happen to our belongings? Can they take away any of my childs belongings, money or child benefit? What would happen if i wanted to become self employed in the future? Really scared of the future especially because of my child. Any advice or experiences of this would be extremely helpful.

Answer 1

bankruptcy is a big step to take a friend of mine went bankrupt and if it was not for his wife he would have lost his house.they went to his house and went through every thing to se what money they could raise.as for being self employed later on this will not help as you cannot have a bank account or run a company for 5 years.there is not time to go into it all now but please please think hard about this it is one realy big step to take.ps you will also have no credit rating at all. i hope this helps you

Answer 2

no they dont take your car or other things bui you need to be in debt for about 15000.00 and you will be penalised for years try debt managment first but if there are no other options the sooner you sort it the better try citizens advice they can be very helpful been there by no fault of ours but have come through ok