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| T O P I C R E V I E W |
| Broke |
Posted - 04 July 2008 : 20:27:10
Hello - we need some advice about our house and bankruptcy please. Firstly, we do not want to keep the house - we want to go abroad after we file. Can anyone help us with these questions?
1. After we file for bankruptcy can we leave the country then or do we need to wait for the interview with the OR?
2. What happens to any money we earn after we file? Can we keep it?
3. We think our house may be in negative equity or close to it but we want a fresh start and do not want to keep the house. Will they include the house in the bankruptcy or will we be forced to keep it?
4. Do we need to keep paying the mortgage after filing? Or should we stop now?
5. We have a van on HP - should we try to keep paying that or should we let them repossess it before filing?
Many thanks for your help and time.
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| 3 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 05 July 2008 : 11:45:37
Not if you keep them informed of your plans and provide a forwarding address. Bankruptcy is all about rehabilitation, not punishment!
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 |
| Broke |
Posted - 05 July 2008 : 00:18:01
Hello & thanks for your reply.
Don't worry we know we need to keep the OR informed of our whereabouts. We are both suffering health wise with our current situation and hope to lead a more simple life for a while. Will the OR be against this if we give up our earnings here with no actual jobs to go to (it's an EU country). I am currently employed and my husband is self employed. He is a builder and should be able to get work in that country as he has lived & worked there before. Will the OR think this is irresponsible and suspend our discharge? Obviously I will be giving up my job if we go abroad.
Many thanks. |
| melanie_giles |
Posted - 04 July 2008 : 23:04:54
There is nothing to officially stop you leaving the country, but if the OR cannot get hold of you, you can expect a suspension of your discharge from bankruptcy if you fail to co-operate with him/her.
You are duty bound to declare all income to the Official Receiver. If you do not do that you will be in breach of that duty.
The mortgage company will likely take possession of the property. If you can afford to pay the mortgage, you should do so whilst you remain in occupation of the property.
If you need to retain the van, then you should continue with the payments if they are affordable.
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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