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| llosa.82 |
Posted - 22 February 2011 : 12:16:14
My husband and I have, after much discussion and advice, decided our best option is bankruptcy. My question is regarding our house. We can no longer afford to keep up payments so we are aware that it will be repossessed soon enough. We have found other rented accomodation so we are going to hand the keys back to the mortgage company.
Are we best to hand the keys back, wait for them to reposses, sell etc and then let us know of any shortfall BEFORE we go bankrupt?
Or if we went bankrupt now before the mortgage company have sold the house, could we then add any shortfall into the bankruptcy?
The reason i ask this is because i have read that any debts created AFTER bankruptcy cannot be included in your bankruptcy, but that house shortfall is different and can be added to the bankruptcy.
If anybody could help me clear this up and understand it a little better then i would be really grateful
Thanks in advance |
| 4 L A T E S T R E P L I E S (Newest First) |
| lisao82 |
Posted - 22 February 2011 : 19:50:43
Thanks everybody for their input, every little bit of info helps! Yeh its definately a scary and stressful process, i can totally agree there, but im hoping once ive managed to get my head around everything and understand things more, things may get a bit easier
Good luck to you both too, hope it all works out ok for you! |
| welshaly |
Posted - 22 February 2011 : 18:34:31
hi im not an expert but i handed my keys back got a house to rent been here since arpil 2010 i didnt tell the letting agent about me going br they have sold my house and i got a short fall of 18,000 so im puting that in my br ive never missed or been late with my rent so im hopeing that when i go br i can still live here and dont have to move ive got a good boss that is my garantor for me to rent as my credit rating is realy bad all the best im hoping to go br the end of this month its scary but this site is always here for you all the best x |
| Crazee67 |
Posted - 22 February 2011 : 18:19:48
Thanks for asking the question Nosa, it has confirmed things for me. We are in the same position as you are and had assummed shortfall could be included but its good to get it confirmed. When are you going to submit your BR forms? What did you tell your LL/Letting agent abut your position? Im a bit worried that if I tell them we handing keys back they will be scared off. Hate telling porkies though. |
| Bigal4787 |
Posted - 22 February 2011 : 14:56:36
Hi LLosa.82,
hi and welcome to the forum, where you will no doubt find answers to the many questions you may have in the coming months.
I take it you have sought advice from various sources prior to reaching your decision, however there are other experts on the forum who can helpas well.
with regards to your property, what you have been told is generally correct. If the property was sold after repossession before bankruptcy, the shortfall would become unsecured, and so claimable in bankruptcy.
Likewise, if the house is sold following repossession, but after the BO date, it would still be claimable in bankruptcy, as the liabilities were in existence prior to bankruptcy.
You are also taking the right step in securing alternative acommodation prior to bankruptcy, as it can become problematic trying to do it post bankruptcy for obvious reasons.
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 please contact me via my contact details in the expert page for futher details"
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