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 I can not not afford to pay my mortgage,
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Adam26
Starting Member



1 Posts

Posted - 02 October 2009 :  08:51:29  Show Profile  Visit Adam26's Homepage  Reply with Quote
I can not not afford to pay my mortgage, i have also got abot 15000 in unsecured dept, is it best to declare myself bankrupt

Blackie
forum expert



United Kingdom
565 Posts

Posted - 02 October 2009 :  09:48:24  Show Profile  Visit Blackie's Homepage  Reply with Quote
It may be the best option to make yourself bankrupt, move into rented accommodation and request that your house be 'voluntarily repossessed'. If there is equity in your propery, the OR will take this to help pay the creditors and his costs. If not, any shortfall will revert to an unsecured debt and be written off in the bankruptcy.

All the very best.

John Blackadder
**Link removed**

Edited by - Skippy on 04 October 2009 10:32:51
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