PLease can someone help I am at my wits end. I went bankrupt in March 2009 and intended to try to keep my house. Unfortunately I have been recently diagnosed with progressive MS and have had to give my job up as I am too ill to work. I have discussed this matter with my OR who advised me that if I allowed my house to be voluntarily repossessed any shortfall would form part of my bankruptcy estate. I contacted the northern rock who sent me out a voluntary surrender form. I had previously been advised by other forums not to sign this form. I read the form to my OR and she said it was fine to sign as after the shortfall clause in the form it read "I understand that the foregoing is subject to any third party charges there may be against the property or I becoming bankrupt or entering into a formal agreement with creditors prior to completion of the sale of the property and application of the proceeds of sale". Please can you confirm that this clause absolves me from liability regarding the shortfall. I have been worried sick since reading elsewhere that I should not have signed the form. I only signed the form because they said I could not surrender the house without it. I am worried sick and any advice or help would be appreciated. If signing the form does make me liable would that mean that I would have to declare myself bankrupt again. Thank you in advance I look forward to your reply.
Hi - I'm not sure of the answer, but would think the OR has dealt with this before and wouldn't have advised you to sign the form if it wasn't the best thing to do.
As Tracey says, an expert will hopefully be able yo reassure you xx
PLease can someone help I am at my wits end.
Posted - 21 August 2010 : 08:03:54
