Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By Lann
#3471 After a business failure last Autumn I am once again PAYE making approx £1k per mth, leaving about £4 after paying for essentials. I have a daughter on the way in about 4 wks. With debts of about £16.5k, no assets and no promotion likely for 6 months at least, is bankruptcy a sensible (?) option.
All advice greatly appreciated! Thanks in anticipation.
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By JaneClack
#3472 Hello Lann - well you have a busy but rewarding time coming up soon.

I take it this means that your wife will not be working and normal household bills will still have to be paid. I think you will find that on your income there will not be a lot left over for paying bills and bankruptcy might prove a route you should seriously consider - unless of course you own your own property . You speak about a failed business which I presume has left you with some debt and are now on PAYE. The Enterprise Act 2002 was designed really for people in your position and the act says it is designed to give honest entrepreneurs a fresh start - doesn't that sound like you? It is unlikely you would have an income payments arrangement on the income you are quoting with the family responsibilities you have - unless you are living somewhere rent free. Download the leaflets at and also give one of the free debt advice agencies a ring to see if they can advise further - you can go over more on the phone!

Good luck and congratulations on the soon to arrive.