All Forums  archive  2008 postings  Bankruptcy, Negative Equity & Repossession

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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 Sunshine_Girl[/i] [br][blue][b]Hi[/b] I've just filed for bankruptcy and wanted to double-check something the OR told me, as what few snippets I've found on the Web seem to contradict each other. I'm a homeowner but in negative equity due to a large secured debt. He says that, because of the negative equity, I won't lose my home and the secured debts won't count as part of the bankruptcy. Meanwhile, both my mortgage company and secured creditor agree on that. However, he says that, in theory, I could stop paying my mortgage and secured loan repayments until those two companies repossess my home and the debts to them would then be incorporated into the bankruptcy. I'm not after advice on which way to go - believe me, I've spent many a restless hour listing the major pros and cons on both sides and wouldn't necessarily go down the repossession route - but I just wanted to check the facts (and also any time limits involved). [b]Many thanks SG x[/b][/blue] [?] [/quote]   Check here to include your profile signature.