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| Naeem |
Posted - 28 November 2010 : 13:23:16
hi, i have a house with a mortgage of 315,000 outstnding (interest only basis for another 22 years)the monthly instalment is appx 1200 per month. i was jobless and i made IVA for my creditors (amount outstanding is appx 30,000) and am paying 120 per month. i had student loan of 15,000 which is also outstanding. i hope i b getting a job from dec for a salary of 1500 per month. i have lot of stress on my mind. Could u kindly advise me, wat will happen to all my debts if i m declared bankrupt. How can i go about it etc etc. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 12 December 2010 : 00:55:08
Hi,
the only thing to add is that your student loan is what is known as non provable( a loophole that was closed in September 2004), therefore it can't be included in bankruptcy i.e you will still have to pay it back.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then a case of beer and my petrol costs are all I ask!! |
| Blackie |
Posted - 28 November 2010 : 15:50:55
Hi Naeem
RHB has a very good point! If you do sell your home, any shortfall to the mortgage company will be included in your bankruptcy. Hoever if there is equity in the property, you would be expected to pay this to the Official Receiver.
Good luck,
John Blackadder |
| RHB |
Posted - 28 November 2010 : 15:26:58
I think you will need to give up your house (unless there is someone else paying for it) at the same time ass you will only have 300 pounds left after you've paid the mortgage!!! |
| Blackie |
Posted - 28 November 2010 : 14:56:14
Dear Naeem
If you declare yourself bankrupt, your £30,000 of unsecured debt will be written off. You will need to continue to pay your secured loan(your mortgage)and unfortunately your student loan can not be included (although you will not have to start repaying this until you are earning £21,000 per annum).
You can make yourself bankrupt by applying to your local County Court for a bankruptcy pack, making an appointment for your bankruptcy hearing and completing a Statement of Affairs - included in your pack. This forum will give you plenty of help and advice. However you can also use the help of a professional bankruptcy help service. There will usually be fees involved but you know that the forms will be completed by a professional to the standard that the court expects. This may help with your stress levels.
All the best
John Blackadder |
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