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Martin.i
Starting Member
1 Posts |
 Posted - 20 July 2010 : 20:42:57
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I am contemplating bankruptcy, and my half of the equity in my house equates to approx £15k. I cannot face the prospect of my young family (4 mnth baby and 6 yr old + partner) having to move out of our house.
I recently received a court judgement for £26,000 on a failed-business overdraft that I personally guaranteed.
It is my beleif that the bank to whom the overdraft was with, are going to put a charging order over my property, for my half of the equity.
Do you beleive it would be wise to let this happen, and then go bankrupt, based on the fact that any equity would be owned by my partner and the bank?
I appreciate any help. |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 21 July 2010 : 09:25:18
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Hi Martin
I would recommend you seeking advice on this one.
It is often a question of the lesser of two evils when contemplating charging orders or equity in bankruptcy.
A lot of it depends on the attitude/intention of the bank after it gets the charging order - e.g. can you make them an offer of monthly repayments, if not will they seek an order for sale at some point in the future?
It also depends on whether you are able to negotiate a purchase of the bankruptcy's interest in the property
In your circumstances, it is not certain a trustee would automatically get an order for possession and sale, and definitely not for at least 12 months.
There are a lot of issues to consider so I would suggest having a chat with someone to get the fuller picture of the pros and cons of each option
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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I am contemplating bankruptcy,
