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T O P I C R E V I E W
Upthecreekagain
Posted - 02 July 2010 : 12:56:12 I've been struggling to pay my creditors for over 2 years now and infact some are getting nothing. I owe about 70k unsecured and only derive income from 11 houses I own which are rented out. They are mainly DSS tenants and the income is variable at best. Its such hassle getting money in and sorting repairs etc that I wonder if it would be better to throw in the towel. The properties are largely only worth the mortgages they have on them at the moment and the only thing that keeps me going is the hope that one day they will be worth something. If I was to go bankrupt would they be taken off me eventhough they are my only income? Thank you
1 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 02 July 2010 : 13:24:07 Hi Up the creek
you need to make contact with Paul at Reviva, he dealt with my bankruptcy and that also included a large number of rental properties.
the properties are more than likely to go but not absolute.
with the large number of investment properties, it is imperitive that you get a detailed plan and proper prep for bankrutcy.
It took me over a 18 months after deciding to go BR to finally sort out all of the properties and then go BR.
your final bankruptcy figure will be well in excess of 70K as all the shortfalls in the mortgages, council taxes ect will be included.
