I need some advice on what to do with £100,000 worth of debt. I owe £10,000 on credit cards, £5,000 on a car note, £3,000 on a personal loan, £5,000 to a friend who loaned me money, and the rest which is about £75,000 on a property that has a mortgage. I am thinking of bankruptcy. I am no longer working as I was dismissed, and finding a new job is not looking too good. Is bankruptcy right for me?
Bankruptcy may be an option for you, but I have a few questions:
Are the accounts and property in just your name?
Is there any equity in the property?
Have you tried to sell the property?
If there is any equity in the property, you may be able to sell it to clear the mortgage, and possibly have some money left over to pay the other debts, or even settle them.
Get back to me and we can look closer at your situation.