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Bankruptcy Case Study #2

James is 43. He is recently divorced and lives in local authority rented accommodation. He owes £64,000 in loan and credit card debt. He receives incapacity benefit and Income Support and expects to be unable to work for the next few years. Bankruptcy law will provide relief to those in otherwise unmanageable financial situations and this clearly describes James' predicament. Verdict – A sensible and positive option.

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Bankruptcy Case Study #1

Mark and Laura are married with two children aged 16 and 10. They live in a house valued at £200,000 with a £160,000 mortgage, which has 20 years to run. They also owe around £85,000 on credit cards and loans. The loan, mortgage and credit card repayments total £1,800 per month, which is proving impossible to meet from their family monthly income of £2,400. They calculate that they currently have around £250 per month more going out than coming in.…

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