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| sjm |
Posted - 17 May 2011 : 12:57:36
hi,
myself and my wife are considering bankrupty, we have lived overseas for the last 3years and our financial situation in the uk has got out of control to the point where bankrupty looks like the best option. we have 1 property each with residential mortgages and my wife ahs an additonal property with a BTL mortgage on it, all of them are in or very close to negative equity. i havent spoken to anyone regarding how to file for bankrupty and would really appreciate any advice on what to do next. also we are considering moving back to the uk, would it be possible to declare one of the properties as our home and retain possession of it? i know there are a million other questions to ask and things to consider but i had to start somewhere. i think we need to decide today as we may be making a payment of £2500 to one of the mortgage companies today to avoid it being repossessed and we need to know should we save the money to go towards bankruptcy costs or try and save one of the properties(it is the one we would like to declare as our home) any help much appreciated |
| 1 L A T E S T R E P L I E S (Newest First) |
| Blackie |
Posted - 18 May 2011 : 07:41:42
Dear sjm
First we need to know where you live in the world in order to advise on where you make yourself bankrupt. There are different rules covering the EU and rest of the world.
There would be a problem with the properties. The home in which you live is treated differently to, for instance, a property that you own and rent out. If your BTL property is in negative equity or there is not too much equity, the OR may take an interest in it and you may be expected to pay over some of the rental income.
The OR may take the view that you do not need a residential home each unless you intend to live apart. You might be forced to sell one. The rules regarding homes in which you live are that, if there is no or a small amount of equity in the property, you can still continue to reside in it but the OR will take an interest in it and should value increase and equity become available after 2 years and 3 months, the OR will want the equity and probably take a Charging Order over the property.
This sounds like a convoluted case and I suggest that, if you can avoid it, bankruptcy may not be a good option mainly due to the properties that you owe.
I suggest that you contact an expert as you really need to discuss the matter with someone. There is far too much for a forum.
All the best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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