I have total debts of £218k which is made of secured loans being £98,700 (mortgage), £61,000 (2nd charge),an unsecured personal loan of £23,00, credit cards of £27,000 and a family debt to my parents of £8000. £80,000 of this debt I have inherited as my wifes business crashed last August. I have sought advice from an Insolvency Practitioner who has advised bankruptcy should I fail to re-mortgage my property to combine both secured loans. He has suggested an IVA re the un-secured. I am at the point at the moment with a financial person attempting to secure a remortgage but my question is, if all fails were do i stand with my property whic is currently valued at £210,000. If I downsized and purchased a smaller property releasing the £50,000 equity, would that be seen by the un-secured lenders of my intent to at last making an effort to resolve issues or would I loose my property with my wife and 3 children seeking to rent somewhere.
