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 In debt, considering bankruptcy! Help!?

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Join date : 2011-06-30

PostSubject: In debt, considering bankruptcy! Help!?   Thu Jul 05, 2012 4:05 am

Basically, my dad is in debt of 30k, this includes credit cards, loans, etc, he ended up in debt in 2009 when the economy went bust. He does have a good job earning some good money.
However most of his wage goes on the house payment monthly.

We have two houses, one is worth around £100k-£110k and it contains a mortgage of around 30k, we have people living in that house which the rent from them is paying for the mortgage.
Our other house is worth around £160k with a mortgage of 100k. So we're just about paying mortgages off both houses and we cannot pay anything toward debts. We have plenty of equity in our houses to cover the debt but the trouble is that no one is lending. And we sit cannot pay it off. We were thinking of selling the other house, but we've worked hard just to earn it and it doesn't feel right selling it.

Would bankruptcy be a good option for us? I mean what would it actually include? Will there be a risk of losing our houses?

We have 140k in equity and have 30k debts.

What do you guys think?

Please do not be rude, I want relevant answers.

Thank you


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