There are other options available to you other than bankcruptcy. Please talk to one of recommended charities for free advice such as the Debt Advice Foundation or Christains Against Poverty to make sure you make the right decision regarding the problem you are in.

Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

1. Bankruptcy is an individual process, but you can both go bankrupt at the same time.
2. It may affect your wife’s future employment if she wishes to work as an accountant. She should check with an accountancy trade body such as the ACCA as to the impact of this.
3. The Official Receiver will usually allow you to keep a car if it is under £1,000 in value and essential for work/childcare purposes.
4. Initially your bank account will be frozen for up to two weeks when you become bankrupt. Money can still go into the account, so your salary can continue to be paid in. Generally people withdraw a reasonable amount of cash from their account, before going bankrupt, to allow for payments that need to be made whilst the account is frozen such as food or petrol.
For further information follow this link to government advice on bankruptcy www.insolvency.gov.uk/guidanceleaflets/guides.htm#Information%20about%20....

Please speak to a free debt advisor who can assess your finances and take you through the right choice for your circumstances.

explore other options first like iva or debt management it maybe useful to you seriously think of the options before going bankrupt its not nice trust me, i was made bankrupt it's hell.