Is bancruptsy an option ?

Question

i am divorced and the family home is not sold after 2 years. i owe £95000 on the mortgage. my other debts add up to £12000 (credit card etc) i live in rented accomodation. i cant go on anymore like this financially. what are my options and what will the mean for the future ?

Answer 1

sell at lower cost .count your loses and clear your debts ,!!!

then move on in life , its not easy but you will feel better

Answer 2

It depends what country you're in. In the UK you become discharged from bankruptcy after a year. To be free of the debt and money you're paying in interest might be worth it just to not have credit for a year. You would need to close your bank account and open a new simple account that would just have a cash card where you can't go overdrawn. Make sure it includes a Solo card so you can buy things on the internet, or you can get a prepay credit card from Mastercard for a small fee each month if you need a card, although it isn't really a credit card as you can only spend what you put in.  

You go the the county court to get the form. Ask for a first time bankruptcy form. Just get the form to read through it if you're not sure.

The only bad thing is your name will be in the back of the local paper, but only sad people go through that part of the paper anyway.

Answer 3

1)Fake your own death

2)collect any insurance/proceeds

3)move to Cuba.

Answer 4

It is an option. You will lose all your assets, including the house and repayments you made on the mortgage. The court will seize any other assets you may have, typically your Porsche if you have one. Other than that it is relatively painless and if you have not been fraudulent or deliberate in your transactions you should be bankrupt for 12 months, or sometimes less in straightforward cases. When you are discharged you have to disclose your past bankruptcy to future lenders. If you have come to terms with saying goodbye to your house etc in my opinion it is infinitely preferably to an IVA which costs more cash in the long run and often fails. It's a clean break. There's no stigma to it these days. I would recommend it totally, again providing you are prepared to lose any substantial assets. Good luck. p.s. There are many sites explaining Bankruptcy try to find the official ones, not the ads for IVAs.