Hi everyone, can anyone tell me the answer.... my partner has sat down with me and done the Maths and we've decided we are going to have to go bankrupt - If we dont pay our mortgage this week we will be 2 months behind. For those of you who have gone through this you will appreciate that we need the money to save for the bankruptcy fees, and to find money for somewhere else to live (rent and deposits etc.,) but what we are wondering about is does anyone know roughly how long the mortgage companys take before they start repossession proceedings as we are worried that if its quite quickly we wont have enough money saved up for the above situation.
Also, because my partner is self employed is it better to pay for help with our bankruptcy forms etc from an expert or try and do them yourself with help through the CAB? and if it is does anyone know how much this service is going to cost as we need to be prepared for all this financially, we dont want any more nasty shocks my poor heart cant take any more stress :(
Hi Helen - welcome to the forum! I imagine that if you tell your mortgage company that you are going BR then they will not push forward immediately with any action - after all you are saving them money by petitioning yourselves. Most creditors seem to "relax" as soon as they hear you are taking steps yourself and give you time to sort your BR.
My personal experience is that there are excellent BR assist experts on this forum - Brett England or Paul at Reviva - have a look at the experts links on the left hand column and you'll see their individual web links etc.. I didn't have a property or business to consider but petitioned my own BR with support from Brett and this forum. You'll get lots of help - good luck!
Timescales for repossession tend to vary from lender to lender, but you are generally looking between 3 and 6 months depending on if you stay in regular contact. I would suggest contacting the helpline for more information.
Bankruptcy question?
Posted - 01 June 2008 : 15:30:30
