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 bankruptcy postbag for july
 Urgent Bankruptcy Advice Needed
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Starting Member

2 Posts

Posted - 05 July 2012 :  21:34:00  Show Profile  Reply with Quote
After losing my job last year and being out of work for almost 12 months, we got in arrears with our mortgage.

We advised the mortgage company and when I found a new job, we agreed we would pay a bit extra each month to try and clear the arrears which stood at approx £8,000.

However, my new job pays quite a bit less than my old one and we struggled really badly until the mortgage company got a suspended possession order which they have now enforced. We have received an eviction notice for 23rd July.

I have had an IVA which has been running for two years and I have managed to keep up payments on. My OH has credit card debt of £10,000 and two loans totalling £4,000.

He is now saying he should declare himself bankrupt, but I'm not so sure.

Firstly, the mortgage is in joint names and I haven't got a hope of buying out his share of the mortgage. Secondly, I know bankruptcy takes at least 2 to 3 months to set up and we only have about 2 weeks before they take the house back.

Could somebody please give me some advice - should we let the mortgage company take the house back and then he files for bankruptcy or should he file now and if he does, what will happen re the eviction?

I am very confused and worried sick.


United Kingdom
4590 Posts

Posted - 05 July 2012 :  21:39:58  Show Profile  Reply with Quote
Hi and welcome,

Firstly, you need to speak to your IP company about the IVA to see if anything can be done and you need to do this quickly.

Do you have anywhere to move to?

Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again

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Starting Member

2 Posts

Posted - 05 July 2012 :  22:07:55  Show Profile  Reply with Quote
No. Unfortunately we don't currently have anywhere to go.
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forum expert

United Kingdom
2211 Posts

Posted - 06 July 2012 :  07:41:26  Show Profile  Reply with Quote
Hi Flora,

Bankruptcy won't stop the eviction, unless you come to an arrangement with the mortgage company that you can afford. Can you afford to keep the house? Do you want to keep it? How much equity is there?

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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