Credit cards about £5,000
Mortgage £50,000 (no equity)
A secured loan £7,000
Student loan £2,000
Tax Credit overpayment £6,000
Bank overdrafts £2,000
Unsecured loans £4,000
I'm deeply embarrassed to look at the above debts but I have to get real here and seek some help.
I have been in a debt management plan for around 5 years but the debts are taking an age to repay. I'm not in arrears with anything but I am finding that I have to take out more and more loans just to get by and deal with monthly expenses.
Would bankruptcy be a good option for me? I am quite happy to get my house taken off me - I am looking to move anyway and would be happy to rent.
I have a few questions;
* Would all my debts be included in any bankruptcy?
* Would I qualify for bankruptcy?
* Would I get any help with the cost of bankruptcy?
* Would my employer be informed?
* Can I choose to be made bankrupt at a court other than the one in my home town (to avoid any publicity in the newspaper)?
Any advice would be most welcome.