My husband & I are thinking of going Bankrupt. We have about £30k of debt and are unable to meet monthly repayments. We've been fighting debt for the last 10 years or so, since leaving college really.
We are currently private renting and have no assests - Overdrafts, loans, Credit Cards & a store card are why we are in debt.
We have 2 cars that are ours (not on tick or anything) 1 is worth £500 the other about £2k - both needed for getting to and fro from work.
We have 2 children (7years and 6mths)
Feeling worried, scared and confussed.
What can they take - how long can it effect us - does it really help.
Absoulty no one knows (family/friends) that were are so much in debt - in fact quite the opposite - they think were fine!!!!!
Do they take things from the house? what happens to renting the house - we are also thinking of applying for a council house..will the application be effected at all?
I feel really ashamed that were at this point - I so want to be resonsilbe but can't take the stress of it any more.
Any advise would be really appreciated.