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| T O P I C R E V I E W |
| Wayne.32 |
Posted - 22 February 2011 : 15:14:02
I Have 45thousend pounds of debt and 5 thousend pound in mortgage arreas I have become so cofused as to what will happen if I go bank rupt. |
| 1 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 22 February 2011 : 15:59:19
Hi Wayne,
welcome to the forum, hopefully you'll find the answers to your questions, and be a bit clearer about bankruptcy.
What happens in bankruptcy, is that all your unsecured debt gets claimed in bankruptcy, and is basically written off, with creditors no longer allowed to pursue you(apart from student loans, and CSA judgements). As for the house, it's not possible to say exactly what will happen without more info. e.g you're in arrears,but what is the position with the actual property?is it in negative or positive equity, is the mortgage company looking to start repossession proceedings, are you working, unemployed, self employed, and is the property solely owned?
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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