I have finally sat down and worked out all my debts & they are a lot worse than I thought. I currently owe approx £37,000
I have considered an IVA and have almost completed & signed the forms, however I really think Bankruptcy is my best option but while I save up the money to go bankrupt I have some questions.
1. I went bankrupt in 2005 so am I likely going to be allowed to do it again?
2. I have a friend that has just moved into my spare room as a lodger, if I go bankrupt will it affect him? We have no financial associations whatsoever but I don't want to mess up his good credit rating.
3. I believe bankruptcy has changed since I last done it in 2005 so what can I include, what can't I include & how much each month will I need to pay the OR?
My current debts are almost everything from rent arrears, council tax arrears, gas, electric, water rates, overdrafts (Unauthorised), HMRC (Not my fault but I have to pay), pay day loans, catalogues.
I also have an old R reg car (worth around £600 that has a payday loan against it of £500 so far I have paid off £500 of this, will I have to give the car to the log book loan company or will I be allowed to continue to pay the £25 a week to them. (I need the car for work).
Also do I need to let anyone know in my personal life (partner, kids, friends) that I have gone bankrupt?
I hope someone can help me with this.