UK Bankruptcy, or bankruptcy here, will not be an option, as with the mortgage and credit union guarantee, your brother and mother with you, are jointly liable for the debts. Your debt would be discharged, but they would have to cough up.
With any of the new mechanisms, you cannot keep the CU separate either, as this would show preference to an unsecured creditor. Basically none of the new mechanisms would be suitable as you state that you will be more or less clear of a number of debts in 5 or 6 years, so you are not a candidate for a PIA, or debt relief cert as debts exceed €20000.
Banks are writing off unsecured debt, outside of these new arrangements, but not in a situation where they are gettting a monthly repayment. There is no incentive for them to do so, but there is if you had a lump sum to offer as settlement.
What you need is a debt management plan DMP, which can reduce your current monthly repayments to a more affordable amount, as you can afford to pay most of your debt. You could, although I wouldn't advise it, treat the CU separately. You don't need to though, as the CU would accept the reduced payment terms of a DMP, where the payments are weighted according to who is owed most gets most per month proportionately. You would default on the amount that your creditors want repaid each month, offering a lower amount, but with their consent, you could get interest frozen so your debt doesn't rack up with reduced payments. It would affect your credit rating too, although any other measure in the new bill would destroy your credit-worthiness.
A DMP would also normally prevent any legal action taking place, as your SFS would show what you can reasonably afford to pay, so the creditor will understand, and wont need to go to the expense of court action. If you defaulted on the arrangement however, they could then go to court.
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