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 bankruptcy postbag for july
 Bankruptcy Advice urgently needed.
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Starting Member

United Kingdom
7 Posts

Posted - 13 June 2012 :  18:32:42  Show Profile  Reply with Quote
Hi All,

Im back in need of some urgent advice.
As explained in a previous post, im currently paying into an IVA following a failed business that left me in debt. The sudden increase in the Standard Variable Rate has seen my mortgage increase to an all time high and we are really struggling. I am looking into bankruptcy and all that that minefield entails. My questions are:

Is it at all possible to keep my home after bankruptcy? We are currently in negative equity so there is nothing to gain from forcing a sale and renting in this area is marginally more expensive than the mortgage at the moment.

None of the debts are in my wifes name but would she be made bankrupt also?

Please help im at my wits end

Please help.


forum expert

United Kingdom
2211 Posts

Posted - 13 June 2012 :  18:36:50  Show Profile  Reply with Quote
Hi sob,

Yes, you could keep your home and buy back the beneficial interest.

If your wife has no debt or joint debts then she wouldn't need to declare bankruptcy.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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year 2029
Average Member

590 Posts

Posted - 13 June 2012 :  19:14:58  Show Profile  Reply with Quote
Hi Carl,
Buying the beneficial interest is usually £1000 +VAT, which can be done by a 3rd party if necessary.

Or you could wait until it reverts back to you automatically after 3 years.

Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought.
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