A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[mike1y111]

Hi All

I need some advice as I cant find any information anywhere. My wife and I currently work in Top 20 CA firms but our financial situation has deteriorated. We had to move jobs and as a result but our house on the market for sale and rent. 12months on and the way the market has moved, property prices falling...no tenants for rent, we have been taking out loans to pay the existing mortgage + previous loand and CC's we had. We have taken out loans to cover the mortgage hoping that the house will sell.

It has come to a situation that we cannot continue as even if we sell the house we will suffer huge losses! Bankruptcy is something that we are seriously considering. We are contemplating letting the Mortgage company repossess the house and we just declare ourselves bankrupt.

I dont know and am too scared to ask work what the position is regarding working with them as a bankrupt + life after bankruptcy. I have called the Institute and they have adviced that during the bankruptcy they will suspend me as a member and I can apply again once I am discharged.

My question is, is there anyone on this board who is an Accountant and who went through the Bankruptcy process that can advise?

Many thanks
Mike

[Hg]

Hello

No personal experience I'm afraid, but is it ICAEW?