jobless but hopeful

jezza · Joined: 12 Dec 2006 Posts: 2

please advise:-

I got made redunant quite recently and have no income. I owe around £15k but with my mums help i am just about managing to make the payments. I dont know how much longer we will be able to do this for though! i have my fingers crossed ill get a job soon. but what should i do if i cant get a job - become bankrupt?

If i do declare bankruptcy and then get a job, what happens? Can the companies get their money off me? or will i not even be able to get a job if i am bankrupt?

CONFUZZLED. PLEASE HELP

Andrew · Posted: Mon Dec 18, 2006 2:30 pm Post subject:

Hello Jezza,

As always, you should get specific advice from someone to whom you can tell everything about your personal situation.

However, As you have no income and cannot pay your debts as they fall due you may find bankruptcy to be a release from debt and stress.

If you are confident that you will get a job in the near future (and that this job will give you enough of a monthly surplus to make inroads into your debts) you may have other options.

If you have the slightest doubt about this, however, I'd look into bankruptcy: The Bankruptcy Advisory Service can help you understand the consequences.

Other courses might also need to be considered if you have any sort of beneficial interest in your mother's property.

There are very few jobs these days where bankruptcy is a bar to employment - again, you need to get specific advice on this. However, I understand bankruptcy can sometimes affect the job prospects of members of the armed forces, policemen, people in the financial services industry amd professionals like lawyers and accountants. But, when in doubt. check!

Hope this helps,

Andrew

jezza · Joined: 12 Dec 2006 Posts: 2

hello!

sorry not been in touch for a while! ive been in and out of hospital for the last couple of months!

As a result, my debt is getting worse and there looks less hope of my finding a job in the near future.

in response to your questions, my mother rents a council house and therefore nothing can be done with that. I do have a car on finance, would i be able to sell it and pay off some of the money generated to the loan company then pay off some of my credit cards etc with the money left over...?

am i just getting closer and closer to bankruptcy, are there any ways out for me...?

thanks

eeek

Merry · Joined: 05 Sep 2008 Posts: 5

[quote="jezza"]please advise:-

Oh Jezza,

That's a bad situation. But before you take any action to apply for your own bankruptcy, you should get your own legal or financial advice about bankruptcy and the other options available to you.

Also the best thing to do is to get a job as fast as you can. That will reduce your worries on paying off loans/payments in the future. Idea

For the rest, log on to this wonderful site called mycreditrepair that I just came across. Its simply great and explains why and what we should do in these kind of situations.