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i have £30k of debt, will i be forced to go bankrupt


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hello

 

i have over £30k of debt for various reasons. i am keen to arrange payments to pay it back but i am not working, have three children under 5 years old and my partner is only earning £12,000 a year.

 

we are struggling to make ends meet at the moment but if we cut back we could afford to pay about £10 a week but not to each person as a whole.

 

if i got took to court would i be forced to go bankrupt or would the court make them accept £10 split between them a week until my circumstances changed.

 

i dont have any shares, no money in bank accounts, no property or valuables at all. our car is jointly owned and is worth about £600 so i doubt they would even take that if i was forced to go bankrupt.

 

i really hate the thought of being made to go bankrupt. i dont want to have to go to court as i would be so ashamed.

 

id rather pay the debt back over the next 60 years than go bankrupt.

 

has anyone any advice so i know what to prepare myself for.

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if i got took to court would i be forced to go bankrupt or would the court make them accept £10 split between them a week until my circumstances changed.

it is likely that the court would order reasonable instalments based upon what you can realistically afford to pay.

 

i really hate the thought of being made to go bankrupt. i dont want to have to go to court as i would be so ashamed.

it's unlikely your creditors will make you bankrupt as you have no assetts, they would get nothing from it.

id rather pay the debt back over the next 60 years than go bankrupt.

why?!?!?!

 

even though there is this old-fashioned stigma about bankruptcy many people find it the only realistic option. it allows people to move on with their lives, some find the whole process liberating.

 

if you've only got £10 a month then you really need to consider your sensible options.

 

a) pay tiny token payments for a very long time

b) see if the creditors will write off the debts (very rare for them to do this indeed)

c) bankruptcy

 

i'm assuming you guys have maximised your income by claiming all you are entitled to such as Working/Child tax credits? you might be able to claim housing benefit & council tax benefit too, allbeit small amounts possibly.

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Have a read here on debt solutions.

 

Is your situation liekly to change in the future - will you be returning to work when the children are older? What is your earning capability - there is no stigma to BR anymore, and if you do intend to return to work, then you will be going just to pay creditors.

 

Are all the debts in your name or are some joint?

 

As sequenci says have you maximised your benefits that you would be entitled to? You can check on entitled.co.uk if you are getting all that you should be.

Consumer Health Forums - where you can discuss any health or relationship matters.

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