Based on what you have said it appears that there are a number of options open to you including an IVA. Its best to seek professional advice from an Insolvency Practitioner who will be able to look at your situation in greater detail and recommend the best way forward for you.
Who was the company that you saw? Do not touch them with a ten foot barge pole. It is stupid to charge that much to go bankrupt when you can do it yourself by filling the forms in online and just paying the court fees.
You need to speak to one or two experts. Either click on the experts link on the left hand side of the page here and you will some who post on here, or visit www.iva.com for a list of companies and reviews. Do give some of them a ring and you will receive free and impartial advice as to all the options open to you.
Do not agree to paying anything to the company you saw.
The other thing to be aware of is your property. Provided you have no equity there should be no problem but even though you only own 40% of the property if there is equity within that 40% it would have to be realised. What is the value of your home and how much is your mortgage balance?
For piece of mind it would be worth getting the property valued before you go bankrupt as you do not want any nasty surprises.
If I read the original post correctly, Caroline only has a disposable income of £62 before creditor repayments, so bankruptcy would seem the best option -but she certainly does not need to fork out £2,500 for this.
Which company did you ask to come round to meet with you Caroline?
Glad you've managed to get some good advice and support.
As regards the BI in your house I believe, and I'm sure someone will correct me if I am wrong, that someone else will have to purchase that for you.
What did the other company say when you told them that?
Don't forget that there are several people on here who have been bankrupt and can help you with the forms.
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