would be good to know about the home -
what is it worth, what is the mortgage, what is the level of debt etc.
Quite often the challenge with petitioning for bankruptcy lies within us - we are frightened, ashamed, embarrased,nervous etc etc. The point that I think you should think about is this. how do you want to live the rest of your life, and certainly the next several years.
without a doubt the people who struggle most with debt are those that haven't got a plan and just don't know when they will be debt free.
I recently was walking in downtown Bristol on a Saturday and my wife commented on a couple that were walking towards us and looked very happy - to quote her " like they haven't got a care in the world". I was shocked as they were ex clients who had gone B just 5 months before.
I hadn't recognised them because they looked taller, younger, very much less stressed, and much happier than when we first met 8 months previously.
Although they had handed back their house ( they too had a 1st mortgage with NR of 95% and a second mortgage putting the house into £50k negative equity) they were now living well within their means, their rental house was nicer than the one handed back but £700pm cheaper a month. They were planning family holidays and had for the first time in years started planning for a future. They were even speaking to a financial adviser and discussing pensions.
This couple were without doubt going to be in a dark place forever until they finally made a decision to take back control and plan for a future ( without debt).
The main thing is to do some sensible research about all the debt options ( debt management, IVA, Bankruptcy, Snowballing, refinance )and decide which is possible and more importantly which is not an option because of the situation ( i.e. if you eliminate the options that are not possible you will be left with the most appropriate solution)
Hope this helps a little
