IVE BEEN ADVISED TO GO BANKRUPT BY IP.ONE OF OUR JOINT LOANS IS SECURED.WHAT HAPPENS TO IT AND CAN WE PAY OFF SECURED LOAN WITH THE ASSISTANCE OF A GIFT FROM PARENTS WITHOUT IT BEING INVOLVED IN THE BANKRUPTCY CASE.THANKS
HI HAD TO CREATE A NEW ACCOUNT AS TOMMY1 SO SORRY FOR THE DELAY IN GETTING BACK TO YOU.YES WE WANT TO BE ABLE TO KEEP OUR HOME AND ALL BEING WELL WILL CONTINUE TO PAY MORTAGE.THE SECURED LOAN WAS A BUSINESS LOAN WE HAVE OUT AND STILL PAY MONTHLY EVEN THOUGH BUSINESS HAS CLOSED.THIS LOAN IS SECURED BY A PROPERTY BOND WHICH MY PARENTS PROVIDED.REALLY QUESTION IS CAN THIS LOAN BE PAID OFF BY THEM SO AS TO RELEASE THERE BOND WITHOUT IT COMING UNDER THE REMIT OF OUR BANKRUPTCY. THANKS.IM TOLD SECURED LOANS DONT COUNT IN BANKRUPTCY SO I WOULD THINK THEY COULD PAY THIS LOAN OFF ANYTIME WOULD I BE CORRECT
thanks viki for your reply,we will have little or no equitty in house.parents are a gift from god without there help and support nothing would be possible.we will continue to pay mortage until we can get out of this mess.think we will be BR in about 2 weeks once i get these forms filed out they are a nightmare lol.my IP was checking out for me about paying the bond off was just waiting on there response.thanks again for your advice
I've been advised to go bankrupt by my IP
Posted - 20 February 2012 : 12:34:41
without there help and support nothing would be possible.we will continue to pay mortage until we can get out of this mess.think we will be BR in about 2 weeks once i get these forms filed out they are a nightmare lol.my IP was checking out for me about paying the bond off was just waiting on there response.thanks again for your advice
