You would be well advised to seek out a good insolvency practitioner and get him to put together a solution that best suits your circumstances. A PIP will cost money up front but would be worth the investment, provided that you can meet some level of small monthly payments to your creditors!
YIf you can come up with a small amount of money to pay your creditors, I believe they will accept it in preference to you going bankrupt in the UK. The cost of going this route is likely to be 3000 to 4000.
Its really a case of what fits your circumstances best
Anybody who has an income in bankruptcy over and above what is required to sustain themselves can expect to have an IPO placed on them. Its pretty standard
The offer of selling disappeared ( I haven't ask them about it since )
I started a business last year
I don't want to leave my wife and go to the UK - I really don't! I'd be miserable but if that's what I have to do!
I don't want to spend the next couple of years trying to get a business running only for the bank to say - you're not making enough to pay us but you own 15k work of vehicles so we'll have that instead. Then I'm back to square one, getting close to 60 and no income again.
My wife said she would get a term loan so I could get a lump sum together. .
The PIA route is not practical as he has no capacity to make any realistic level of ongoing payments.
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