All Forums  archive  Forum Questions  Hi Having been out of work since Oct 08

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by syeddh[/i] [br]Hi Having been out of work since Oct 08, I am currently receiveing Jobseekers Allowance (Income Based). I have also been advised this morning that I will be entitled to mortgage benefit as from 08 Mar 09. My main concern now is the secured loan and other financial commitments I have - which with all the secured and unsecured debt, amounts to 82,000 (60,000 being secured). My outstanding mortgage is 225,000 and the value of my property in today''s market is 265,000. My question is that on declaring bankruptcy, on the basis that the sale of the property is delayed for 1-2 years, as I have a family of 3 children (ages 7, 6 and 9 months), and by delaying the sale for a period of time, the value goes down to, for example, 225k (being the outstanding amount on the mortgage)- what happens to the secured debt at this stage? Regards [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.