Hi Tammi,

If yourself and your husband opted for sequestration then you would usually be discharged after 12 months. However, if either/both of you were in a position to contribute towards your sequestrated estate then you would be aksed to do so over a period of three years, in the same way as you would do in a Trust Deed.

I appeciate that you have ?ú35k of debt between you, and you are doing the sensible thing in seeking advice in relation to those debts, however if you wanted advice on what option would be best suited for yourself and your husband then I would suggest that you arrange an initial consultation with an insolvency practitioner. Only after that will someone be in a position to advise on what they beleive to be the best option for you.

Hi Tammi,

Are your husband and/or yourself homeowners? If you are could you let us know whether there is any equity in your home?

Just by way of estimate, how much do you think you could pay towards your debts each month? This would be calculated by taking your total income and subtracting your essential expenditure (such as mortgage/rent, council tax, utility bills, travel, food, clothing etc - but not including your current unsecured debt repayments).

Out of the ?ú35k can you let us know approximately how much of the debt each of you have (and if there are nay joint debts)?

This information will give the experts the opportunity to provide further information on the options that appear most suitable for you.

Hi,
We rent our house from the local council. My husband owes 20k and i owe 15k. we could afford to pay 300-350 per month.
Do you think bankruptcy would be the best option or a protected trust deed
Thanks for replying
Tammi

Hello again Tammi.

It does look as though the protected trust deed option is worth investigating as it appears as though it could be a suitable option for one or both of you.

A suitably qualified trust deed adviser will also be able to point out to you if bankruptcy/sequestration represents a better option for one or both of you.

It's not uncommon for a husband and wife to use different debt solutions. For example if you earned the majority of the household income it might turn out to be appropriate that you sign a trust deed and your husband proceed with bankruptcy.

Hi Tammi

both may be appropriate. Best advice would be to speak to an IP and discuss the pros & cons of each.

Mark