Am 23 have about £16,000 worth of debt, through credit cards, loans etc..
Does it affect if you want to rent somewhere at the moment am living with my mum but would like to move out at the moment i cant afford to as am paying out so much for my debts..
How much do you have to be earning for them to take money off you for three years after being bankrupt? I was chatting to a friend from work earlier and he was made bankrupt about 9 years ago and said they took £150 a month off him for three years when he was earning £700 a month (which is what im earning now)
Will it affect my mums house where i am living now or my mums credit score?
How will it affect me getting a mortgage, not now but say 5 or 6 years down the line?
How will it affect me getting credit? (not that i want to get loans or anything but in regards to say getting a car or something on 0% finance for a year, or something like that)
My mum is really worried about me going bankrupt i know she really doesn't want me to do it but at the moment i cant really see any other option, if i carry on paying out the amount i do each month on the wages that i am, ill be about 30 by the time ive paid it all off, will have no chance of saving up money to buy my own place or even moving out to rent..
I guess i just want to know all the cons against all the pros..
Does it really wipe out your debts from day 1? (as ive been told)
Also say i filled out the forms tomorrow how long would it take to go bankrupt and do you stil pay your creditors in between filing the forms and actually going to court (im with payplan at the moment so am paying my creditors monthly)
Thanks for any replies!