I am an NVQ assessor earning 24000 a year and really need to know should I go bankrupt? I have no property or savings and owe approx 25000 on loans, credit cards and overdrafts. Is bankruptcy right for me? However there are so many questions and reasons that are confusing me I just don’t know which way to turn.
I am also caring for my father who is really unwell so my life feels like its running slightly out of control. I have a pension and generally thought I was well balanced and would never be in a position where I would be asking myself the question should I go bankrupt.
If you could please call me in the evening I would like to run through some options with you.
Most ordinary people can feel as though they have no control over what is happening to them. This is normal in the society that we live in and what is generally expected of us. Emotions play a huge role in the decision making process. I can see that you are caring for your father and although its a direct question which is very sensitive but to be able to give you clear concise information we need to know if you could be expecting any inheritance or windfalls in the foreseeable future?
Bankruptcy or the term insolvency takes place when you can no longer support your monthly commitments i.e. credit cards, loans, etc. If after completing your income and expenditure we find that you can no longer support both your loans and an acceptable lifestyle.
If the situation is simply that you have an exposure of £25k but are going to be in a position in the foreseeable future where you will be in a position to pay these debts off then you would be wise to negotiate terms with your creditors explaining your circumstances and requesting a break from interest payments and a reduced monthly payment until you are in a position to repay them in full. Most of the time creditors are sympathetic to circumstances such as these because they know that will be paid eventually.
We would talk you through a number of possible solutions, including bankruptcy. To give you accurate information, we would need to know more about your circumstances – give us a call on 01425 600129 and we will gladly talk you through everything.