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Help me with my debt problems

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  • Help me with my debt problems


    I have a problem that has started to happen in the past 12 months. I
    used to have a good job and used to earn decent money, hence my life
    style was always as high of a std as poss. But about 9 months ago i
    left my job volunteraly and left for another job. I used to work as a
    filed service engineer and i left to become a chef!! but after 3months
    i realised that that job is not for me. Ever since i have been out of
    full time job as i can't find a full time job similar to what i used
    to do, so i am working part time at the moment and earningvery little.
    I have couple of unsecured loans and a few credit cards, totalling my
    debts to just under 40k. I am 27yrs old and live in UK.

    Iam considering declaring myself bankrupt.but i don't know exact;y
    whats is involved and what damages it makes to my future life. I know
    i will be bad credited for a few yrs and will have problems getting
    credit/loan/mortgage for a few yrs, but it seems to me the only way
    out of the mess i am in at the moment. Can some one plz tell me, or
    guide me:

    1) what is the exact procedure? what do i need to do?
    2) is debt repayment plan better than going bankrupt? but the problem
    is that i can only afford a very little amount to pay off everymonth
    at the moment.
    3) what effect does it have?
    4) would i loose any of my personal belongins? like tv, computer and
    car and ...

    Thanks for all the help