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T O P I C R E V I E W
Help007
Posted - 25 September 2008 : 13:15:20 Me and my husband have decided to go bankrupt and have sought advise and this was the best option. We have decided to let our house go as we do not like where we live and are in negative equity and so have been told to stop paying the mortgage and secured loan for two months then file bankruptcy ro ensure proceedings happen and so can be picked up in the bankruptcy. My question is we have not been able to pay other debt for the past month and are just about to go into second month of not paying, how long until they start legal proceedings and what happens if they do a CCJ?
Thanks
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 25 September 2008 : 13:26:47 Hi if you stop paying your mortgage now, wait 2 months then file I doubt that anything would happen other than the usual calls and letters threatening all kinds. You may receive a default notice or 2 which just means a note will be placed on your credit file.
If you have only missed one month on the unsecured debts I can't see you getting a CCJ before your planned bankruptcy. If you did it would just mean the creditor, the judge and you would agree a repayment schedule. The repayment schedule is then overridden by your subsequent bankruptcy.
