I am being chased about the shortfall in my morgage after my house was repo'd.I have just recieved advice from the CAB's free solicitor and he suggested that because I have no major assets (everything is in my wifes name)that i could consider going bankrupt,or at least threaten it, to try to get a smaller settlement figure. What are the up and down points associated with going bankrupt??

-- Mark (mark.jakins@btinternet.com), February 07, 2002

Answers

You will find plenty of info about going bankrupt from literature from the CAB and the library though whatever you read there is no doubt that it is does have a negative influence on your future, try first to get youself out of the situation without going bankrupt - I am beginning to wonder if the CAB staff are on some sort of bonus scheme if they get people to go bankrupt, it took only 5 minutes at a meeting I had before they suggested this to me also.

-- John Cartwright (john.cartwright@quista.net), February 08, 2002.

well here goes please get back to me if you want any more info bankruptcy is not for everyone but if you have nothing to lose such as a nice house or a self built business go for it. it is the best thing i did for many years having said that im only half way through a 3 year term and hopefully the next 1.5 years will go the same. you keep your car if you need it to get to work or pick your kids up and it is below the value of £4000. they trace money you spent over the last 3 years and ask where it went and if you dont know well tough cos its gone. work pension should be safe.but private pensions may be taken.my out goings in repaymentswent from £800 before to £200 after.this is just a quick one but have a good think first.

-- jeff allen (jeff@jallen90.freeserve.co.uk), February 19, 2002.