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T O P I C R E V I E W
emma.8
Posted - 18 July 2010 : 22:24:20 I'm thinking of going bankrupt, i have just over £6000 of debt owed to 3 credit cards. I live with my partner and we have a mortgage which 100%. I believe we have no equity, possible neg equity. Would go bankrupt effect my home?
2 L A T E S T R E P L I E S (Newest First)
darren.integ
Posted - 20 July 2010 : 09:13:17 There may be other solutions available to you, but if you did go bankrupt and your house is in negative equity you would need to show the official receiver 2 recent valuations to prove this and an up todate mortgage statement. If so then you will be asked to buy back the beneficial interest in the property for £1 plus the £211 legal fee.
I suggest you get some advice on this before you make a decision. The CAB AND CCCS will alaways point you in the direction of an IVA which may not be right for you. Unfortunatly this is very common and there are 2 IVA Companies in particular that the CAB will push you towards.
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Housing
Posted - 18 July 2010 : 23:09:00 Hi
From what you have described, you are likely to be able to resolve your situation without the need to go BR.
I assume that the payments on your mortgage are up to date?
As you are in border line negative equity, you would be able to buy the beneficial Interest in the property - if you did file for BR
Speak to the CAB and or the CCCS to get advice and I am sure you will be fine without BR - a repayment plan or a reschedule of the borrowing should be easy. BR is a big decision and from what you have described, you should not need to go down that road. Richard
