Have major problem. Firstly have a Northern Rock Together Mortgage that is £108k mortgage, 32k unsecured loan.
On a debt management plan that we owe roughly 33k(which we have paid off 10k now of that) and that includes a CCJ of what was 5.5k, but they are adding interest of around 19%, so that is going up by £50 per month.
My husband and I have had a child who was born last year. However he has disability, so needs extra care so therefore, my husband will go part time to look after him.
We are thinking of going bankrupt, as I may well be looking at redundancy pretty soon, so that is not good, and our together mortgage is £850 a month, my husbands wage would not cover it, let alone food etc.
If we did go bankrupt, would we lose our home? We are in negative equity anyway, so Northern Rock would lose out big style. Plus we are in deep discussion of splitting anyway, so it's very very complex in that respect. I couldn't have the house alone, and nor could he. I can't see any other way at the moment, but I don't want to lose the house, but it seems inevitable. Any advice? And my redundancy is likely to be at around 19k, which although would pay some off, not much, and given a severe lack of jobs, I seem stuffed!!
Any advice would be useful, and especially on what they take in bankruptcy. I really don't want to have to hand over my little boys toys
