I'm looking for some advice or even pointers.
In 2008 my business when to the wall leaving me a personal guarantee of 80k, I have a house which has a mortgage of 380k and is worth about 200k, a credit card of 5k. All in my name only.
A few years ago I got married - my wife has her own house (with big enough mortgage) so I rented mine to cover the mortgage interest only.
I pick up part time work from time to time and I've been trying to get a business off the ground with a little success - I made about 10k this year
The house is unsustainable in the long term and I feel the pressure of all of this is really starting to take it's toll on me. I'm 55 and time is running out for a fresh start.
If I go to into insolvency will they regard my wife's income as part of mine and take everything I earn to cover debt. (I pay my own way in the home and have little to spend on anything else but if they take that too it will add even more strain)
If I go bankrupt in the UK, is it expensive for solicitors fees and where's good to go. I've read a lot of comments on Belfast being harder and Swansea being easier.
Has anyone been through the process that can give me some pointers so I can see how I can afford to go bankrupt.
In 2008 my business when to the wall leaving me a personal guarantee of 80k, I have a house which has a mortgage of 380k and is worth about 200k, a credit card of 5k. All in my name only.
A few years ago I got married - my wife has her own house (with big enough mortgage) so I rented mine to cover the mortgage interest only.
I pick up part time work from time to time and I've been trying to get a business off the ground with a little success - I made about 10k this year
The house is unsustainable in the long term and I feel the pressure of all of this is really starting to take it's toll on me. I'm 55 and time is running out for a fresh start.
If I go to into insolvency will they regard my wife's income as part of mine and take everything I earn to cover debt. (I pay my own way in the home and have little to spend on anything else but if they take that too it will add even more strain)
If I go bankrupt in the UK, is it expensive for solicitors fees and where's good to go. I've read a lot of comments on Belfast being harder and Swansea being easier.
Has anyone been through the process that can give me some pointers so I can see how I can afford to go bankrupt.