Hi,
It is looking like bankruptcy in the UK is our only option at the moment unfortunately. I would love some help on really basic questions - I was looking for FAQs but couldn't find any.
Do you need to have been a business owner to apply for bankruptcy or can any Joe Soap apply?
Do both people in a marriage need to apply for bankruptcy if the debts are in both names?
Is there a minimum amount before you can apply for bankruptcy - we will be around 100-150k euro. (I have seen posts mentioning over 4 & 5 million.)
Also some general info on my/our situation.
Our home is worth a third of what our mortgage is. At the moment we are about 3 years in arrears. We would be pretty high on the list for repossession (in spite of having paid mortgage for past 18 months) because we are just not able to catch up. Our mortgage has already been given to an external collection agency to expedite recovery of the debt.
Although husband is working, there is a lot of uncertainty in his job, and they are trying to reduce him to a 3 or 4 day week.
I really can't see us lasting another year in this house. And living like this is torture.
It is looking like bankruptcy in the UK is our only option at the moment unfortunately. I would love some help on really basic questions - I was looking for FAQs but couldn't find any.
Do you need to have been a business owner to apply for bankruptcy or can any Joe Soap apply?
Do both people in a marriage need to apply for bankruptcy if the debts are in both names?
Is there a minimum amount before you can apply for bankruptcy - we will be around 100-150k euro. (I have seen posts mentioning over 4 & 5 million.)
Also some general info on my/our situation.
Our home is worth a third of what our mortgage is. At the moment we are about 3 years in arrears. We would be pretty high on the list for repossession (in spite of having paid mortgage for past 18 months) because we are just not able to catch up. Our mortgage has already been given to an external collection agency to expedite recovery of the debt.
Although husband is working, there is a lot of uncertainty in his job, and they are trying to reduce him to a 3 or 4 day week.
I really can't see us lasting another year in this house. And living like this is torture.