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I am 61 years of and have recently lost my business and currently out of work and in personal unsecured debt of some £35000, loans and credit cards!
My wife and I are on the mortgage, (no equity in the property), I am so desperate no to upset my wife by losing our home. Could somone please help? what would you suggest I do?

Hey barday, welcome to the forum. I'm so sorry that you've lost your business. Does your wife have any debts at all or are they all in your name? Is your wife in full time employment? There are many options for you which could protect your home. Even in bankruptcy, if your house is in negative equity there may be a way to keep it. Please post a few more details such as what you feel you can afford each month towards your debts.

Hello Barday and welcome to the forum.

I am also sorry about you loosing your business. These are trying times and I can understand you not wanting to worry your wife more than necessary, however you should be as honest with her as possible. You really do need each other now for mutual support.

Depending on your particular circumstances there could be a variety of options open to you.

You should contact an Insolvency Practitioner who will be able to go through all of the details with you and give you advice on these options and the implications of each one. This initial advice is normally given free of charge.

As Viki says, there are ways to ensure that your home is protected but please be aware that when you are in debt, your home is always going to be at risk. An Insolvency Practitioner will be able to advise you in detail, once he or she has all of your details.

Hi barday, welcome to the forum, sorry to hear of your circumstances, this is a great forum, and someone will be able to advise you. try not to worry too much. Sorry I can't offer any advise, but you will recieve plenty of support from the great people posting on this forum. x[:)][:)]

Hi Barday,

Welcome to the forum. I'm sorry to hear about your business, but please don't worry about the size of your debts or losing your house. Like others have said there will be a solution for you and there are ways of keeping your house, whichever route you decide to take.

If you can post more details, you can get better advice. Ask as many questions as you want, we'll all help if we can.

xx

BR is also an option because if there is no equity in the house you will be able keep it . i would contact an ip for the way forward to set your mind at ease there are many options open to you good luck

BR would be an option because you are not working also so it could be all over in less than 12 months but the iva route will run for 5 years and you will also possibly need to release some equity at a later date and you will be 66 years old when its completed

good luck get some good advice from the highly recommended experts on here

Given your age, lack of employment and lack of equity in your property, bankruptcy proceedings would appear to be a sensible option to consider - but of course it is essential that you understand all options and are able to discuss these with your wife. A chat with an insolvency practitioner is therefore advisable to set your mind at rest.

Do you have any private pension arrangements or other assets?

Speak to an IP who will go through all the options that are available.