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T O P I C R E V I E W
Carlsob
Posted - 13 June 2012 : 18:32:42 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.
sob
2 L A T E S T R E P L I E S (Newest First)
year 2029
Posted - 13 June 2012 : 19:14:58 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.
Viki.W
Posted - 13 June 2012 : 18:36:50 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.
