Hi, I own nothing in my home ( I've not been there long) all I have is a car which I use to get to and from work, what would likely happen if I declared bankruptcy?
your home in neg equity wouild likely be offered back to you for £1 plus costs of £211 if joint or £475 if singlely owned if your car is worth less than £2000 and you need it for work you would likely be able to keep it. your unsecured debts would be cleared and your would be responsible to the OR for 12 months as far as your income goes, if you have a DI of £100 or more whilst undischarged you could get an IPA for 3 yrs so you could lose 50-70% of you income to wards your debts. BR stays on your Credit file for 6 yrs and you have to declare it after that if ever asked outright.
Dave
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Hi, I own nothing in my home
Posted - 29 June 2010 : 23:20:25
