Personal and income details
Income self: 42k Gross full time employed
Income spouse: 38k Gross full time employed
number of children: 0
Amount of Mortgage Interest Supplement received: not sure but have had mortgage 5.5 years and had TRS since beginning
Home loan
Lender: UB
Amount outstanding: 400k
Value of home: ~200k
Interest rate: tracker
Monthly repayment: 1200
Amount in arrears: 10,000
We have only recently transferred to a tracker after 5 years of a fixed rate. Under the fixed we paid 1800 a month so fell behind
Other loans and creditors - delete those which don't apply to you
Credit Cards: 7k, accounts closed just debt left
Credit Union: 45k
Personal Loans: 30k
Man Fee: 4k
How important is retaining the family home to you?
I don't care about keeping the family home.
Any other relevant information
We've been with MABS for about 2 years and they have handled our creditors paying out a portion of our income after normal expenses but our debt isn't reducing
What is your preferred realistic outcome?
My wife has had an opportunity to move to a new role in the UK, could be either Manchester or London.
While looking into our options its clear we can't afford to pay an additional rent in the UK so it would require me to move with her.
We have about 100k in personal debt and negative equity of 200k. Realistically we have zero chance of being able to clear that 100k debt in the short to medium term.
We'd like to start a family soon but at present we're incredibly worried about crèche fees. We can just about manage with the help of MABS managing our creditors but any time something out of the blue comes up, (car repair, home repairs, property tax etc.), we fall further behind somewhere.
We're just spinning our wheels and feel like life is passing us by. We both have decent jobs but we bought at the wrong time and had to take pay cuts etc. to keep working. We're only now starting to get increases in the last year but we just don't have any free cash.
The option to move to the UK has come up for my wife and while looking into it I came across the option of UK bankruptcy. I should be able to move my current role to the UK easily enough.
Would it make sense to declare bankruptcy, any ideas if this would actually work for us?
What happens with the apartment, does it need to be sold before we can declare bankruptcy or can we hand the keys back?
Any advice greatly appreciated, thanks!
Income self: 42k Gross full time employed
Income spouse: 38k Gross full time employed
number of children: 0
Amount of Mortgage Interest Supplement received: not sure but have had mortgage 5.5 years and had TRS since beginning
Home loan
Lender: UB
Amount outstanding: 400k
Value of home: ~200k
Interest rate: tracker
Monthly repayment: 1200
Amount in arrears: 10,000
We have only recently transferred to a tracker after 5 years of a fixed rate. Under the fixed we paid 1800 a month so fell behind
Other loans and creditors - delete those which don't apply to you
Credit Cards: 7k, accounts closed just debt left
Credit Union: 45k
Personal Loans: 30k
Man Fee: 4k
How important is retaining the family home to you?
I don't care about keeping the family home.
Any other relevant information
We've been with MABS for about 2 years and they have handled our creditors paying out a portion of our income after normal expenses but our debt isn't reducing
What is your preferred realistic outcome?
My wife has had an opportunity to move to a new role in the UK, could be either Manchester or London.
While looking into our options its clear we can't afford to pay an additional rent in the UK so it would require me to move with her.
We have about 100k in personal debt and negative equity of 200k. Realistically we have zero chance of being able to clear that 100k debt in the short to medium term.
We'd like to start a family soon but at present we're incredibly worried about crèche fees. We can just about manage with the help of MABS managing our creditors but any time something out of the blue comes up, (car repair, home repairs, property tax etc.), we fall further behind somewhere.
We're just spinning our wheels and feel like life is passing us by. We both have decent jobs but we bought at the wrong time and had to take pay cuts etc. to keep working. We're only now starting to get increases in the last year but we just don't have any free cash.
The option to move to the UK has come up for my wife and while looking into it I came across the option of UK bankruptcy. I should be able to move my current role to the UK easily enough.
Would it make sense to declare bankruptcy, any ideas if this would actually work for us?
What happens with the apartment, does it need to be sold before we can declare bankruptcy or can we hand the keys back?
Any advice greatly appreciated, thanks!