call our free bankruptcy helpline on:
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My partner feels he has to go bankrupt as it is the only way he will ever get out of debt. My concerns are how will it affect me and my property. We have children together we bought the house together with the deposit coming from the sale of his previous property.
What do I need to be aware of?
I have just at £16,000 in unsecured debts, my property is in my name and my wife's and there is substantial equity in the proeprty as we have lived her for over 20 years. My business is not doing as well as it was but I am hopeful it will pick back up.
I need to sort out these accounts and want to know if an IVA is best for me or a debt management plan?
I have been advised to go bankrupt, but am concerned about an issue I have.
A few years ago my nan died and left her property to the 4 of us, myself, my sisters and my mum. We each have 25% of her house which is worth quite a lot. My mum lives in the property and will until she dies, but all 4 of us are on the land registry.
What happens if I go bankrupt?
If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.
Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.
There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.
For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.