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| john.h1 |
Posted - 03 July 2008 : 23:39:27
Hi
I was made bankrupt on 17th April this year.
My unsecured creditors amount to around £16000 and I own a property worth about £130000 with a mortgage and secured loan of around £44000 total.The house is up for sale but no buyers as yet.
I have been contacted by the Bankruptcy Protection Fund who assured me that they can annul the bankruptcy.At what cost,I am unsure.Anyway,this all sounds fine but at the end of the annulment,I will still be in debt with a re-mortgage which I have told them I do not want since the house is being sold anyway.
I can see that the NEW mortgage is going to be cost far more that what I am paying now and if this is the case,there is every chance that my home would be re posessed in the future anyway.
The house is in joint names and from what I am told,the receiver can only take my half share of my assets.If I go for a re-mortgage then this would have to be in joint names with no protection for my wifes share.
I really do need some concrete advice as to which route to take.I know that the Official Receiver could take my home,ultimately,but then a re mortgage could be just as bad.I am 60 years old,self employed with a low income,so how anyone can practically offer me a mortgage is beyond belief.Maybe I am not in touch with modern methods but it seems very strange to me that anyone would lend me money knowing my circumstances.
Hope you can help.
Regards
John |
| 2 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 04 July 2008 : 17:05:45
Hi John and welcome to the forum.
I would imagine (with the level of equity in the property) that a Trustee has been appointed to deal with this. I would suggest you speak to the OR/Trustee at your earliest convenience to see what plans they have for your property (they will definately have a plan!) before you do anything else.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 03 July 2008 : 23:47:48
If you are happy to sell the property, then an insolvency specialist solicitor can help you to have the bankruptcy annulled, which potentially could save you money if handled correctly. It is a relatively simple process, and if you tell me which part of the country you live in I could perhaps recommend a couple of firms who can do this for you.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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