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| jim28 |
Posted - 11 November 2009 : 18:10:55
Hi I am new to the forum and like lots of other people have lots of questions regarding my debts and the possibility of going Bankrupt!
I have two houses at the moment one which my family and I live in and one which I rent out to tenants, these are both in joint names my wife and myself. what would happen to these properties if I was to declare bankruptcy?
I then have two loans a creidt card and a car on finance with a total debt of around £25k ish. One of the loans the credit card and the car finance are all in my name alone. If I declare bankrupt do creditors/baliffes come and try and take possessions from your house? Tv`s etc The reason I am in this mess was the slump of the building trade, i was on big moneyfor about 4 years and now its dead as a do do. I don`t really want to sell the houses but will I be forced to do so even if they are in joint names? |
| 2 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 11 November 2009 : 19:12:13
Hi Jim and welcome,
I was an estate agent and letting agent!!! Not now...
I really know how you are feeling - I have to admit that in addition to the recession "killing" my two (and once three)businesses, I had borrowed far too much intil I could juggle no more! How I regret that - but we are where we are and we (all of us, I guess) must move on - difficult at times!
I have two houses and am hoping that they will both be saved as my wife has bought the BI in our principal home and she is going through buying the Bi in our BTL. The valuations (depressed by the economy has helped). The hope is that over the next 5 - 10 years, the value wil increase and we will be able to retire - I am 57.
The depressed market has helped in this regard. I lost a nice car to the OR - but, I am so grateful and humbled that I have this week, had a cheque from the auctioneer that sold my "nice" car for £2,000 and I have bought a nice Rover 25. I am genuinly grateful for this provision and am collecting it when the auctioneers cheque clears with the garage.
I am sure that others will share their experiences and the experts that post here (that are all fantastic)will assist you with your questions.
Good luck and keep asking questions, Richard
"There are no problems - only solutions..." |
| Richard P |
Posted - 11 November 2009 : 18:53:09
Hi Jim
Welcome to the forum
I come from similar circumstances, rented properties and home and had lots of debts.
suprisingly the BR process is or can be very slow it will give you time to manage the stepping stones in to BR.
the figures involved in your debt , value of houses, mortgages outstanding, income will determine the options available to you.
it starts getting uncomfortable with phone calls and letters first. at some stage a creditor will / may apply for court but that will be after 4 - 6 missed payments.
Jim if you are the early stages of considering BR or alternatives can i suggest that you email one of the experts on this forum with a full break down of your circumstances, and try to get a chat with them and your wife.
good luck with the steps ahead , keep posting people are / have been in the same situation as you and are happoy to share experiences to help you through this prediciment.
regards Richard P
incidentally we used Paul/ ken @ Reviva and highly recomend, i have also read high reviews of Melanie N @ john giles |
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