All Forums  archive  bankruptcy postbag for march  Worried about BRU/BRO

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by pix1[/i] [br]This is gewtting more and more worrying for myself and, potentially, my wife if she goes bankrupt shortly. I have been in touch with the Insolvency Service and they seem to think that if, such as in our case, you have taken out a mortgage on a more expensive property after selling your cheaper, having debts at the time and then finding a few months later that you can no longer afford the more expensive property then going bankrupt that it is a classic example of grounds for a BRU/BRO. Even though your mortgage offer was on the correct income details at the time if your income falls a bit later and you go bankrupt you could be in trouble with the OR for taking out the mortgage in the first place. I suppose the OR would not be persuaded by any protestations that the mortgage broker concerned had oversold you to the mortgage company or you did not understand exactly what you were letting yourself in for he would stil consider it reckless and ask the court for a BRO (or offer a BRU). Does anyone know of any examples where bankrupts have overreached themselves in a house sale and purchase of a more expensive property and shortly after gone bankrupt? I can't find any exact similar circumstances in a bankruptcy restrictions search. [/quote]   Check here to include your profile signature.