Hi Taz,
It would be great if you could give us more information for us to be able to advise you further. However I agree with Liliy that Bankruptcy is not as bad as you imagine.
The worst thing you can do is ignore the situation and hope it gets better.
Bankruptcy is a legal status that usually lasts for a year and can be a way of clearing debts you can't pay. After this time, you'll be 'discharged' from your bankruptcy regardless of how much you still owe.
When you make yourself bankrupt, all of your assets automatically become the possession of your Trustee in Bankruptcy. He/she has the authority to dispose of them without your consent. However, you are able to retain tools, books and vehicle that are considered essential for employment. You can also keep clothing, bedding, furniture and household equipment needed to satisfy the basic domestic needs of yourself and your family.
The assets which the Trustee in Bankruptcy can take are as follows:
• Any interest you may have in property, even if it’s held in joint names with a spouse or partner
• Any shares, bonds, endowments and savings policies
• Any funds held in bank or building society accounts
• High value assets such as motor vehicles and jewellery, although a suitable lower cost replacement can be provided instead
• Lump sums from private and occupational pensions if they mature during the bankruptcy. The Trustee may also be entitled to subsequent pension payments for up to three years.
Kind regards,
Julia Simavi
Shortlisted for Best UK Debt consultant by Credit Show 2007
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