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robandkate
Starting Member
United Kingdom
5 Posts |
 Posted - 11 January 2011 : 17:59:37
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Hi am hopefully looking for a bit of advice and hopefully some answers to some questions that i have, basically my daughter was born in january last year and unfortunatly she has a major heart defect and lung disease so naturally last year she underwent surgery and was in hospital for about 4 months, during this time my wife and I were unable to work because she was in a hospital far away from our home and we also have a little boy that needs care obviously during this time we had no income coming in and fell behind in our mortgage repayments and other bills also then to top it off my wife was made redundant and my hours were slashed aswell we have tried over the last 6 months to get back
on our feet and try to rebuild but sadly to no avail because on xmas eve we were served with a reposession order on our house and now have other outstanding debts like overdrafts and store cards so we feel that are only option left is too go bankrupt we have an unsecured loan through the same lender that we used to purchase the property with and if reposession goes ahead would still be liable for that. We are very worried and stressed at the moment about the unknown and are just looking for a bit of advice we have no assets other than the house and my wife has a car which she is worried she will lose but it is needed for my little girl to vist our local hospital for various appointments and once or twice we have had a few emergencies basically just want to know if possible a view of what will happen to our home the car and most importantly my family when we go bankrupt we have registered with the councils homeless department so any advice help or suggestions would be very much appreciated thank you in advance |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 11 January 2011 : 20:12:21
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Hi Rob and Kate
welcome to the forum, I am sorry to read your plight and i do hope that your daughter is getting better.
in relation to your home a possession order does not mean that they are going to take the house away immediatly, it is a step along the way and if you were lucky enough to obtain a new job you may still be able to retain the property.
you have done correct by speaking to local council, however the system is such that you will be only a low priority until the house is repossessed, do not leave house voluntarily or council may class that you have made yourself homeless intentionally !
you will be entitled to a car but value tends to be under 2K.
Bankruptcy may not be the only option, have a chat with one of the experts.
If going BR is the most effective option to deal with your situation then take the steps to take control of your families life.
good luck
Richard |
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robandkate
Starting Member
United Kingdom
5 Posts |
Posted - 11 January 2011 : 22:15:02
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Thanks Richard, as the debts we have are in my wifes name if she goes bankrupt what would that mean for our joint mortgage? As we have an unsecured of £36k would this be left as it is in both of our names?
rjp |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 12 January 2011 : 00:03:34
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Hi Rob and Kate,
so sorry to hear of your plight, it however has a common thread with most bankruptcies that I dealt with, in that a reduction in income has come about due to illness, caring for someone, etc, unfortunately being compassionate isn't a word in the vocabulary of creditors.
Along with what Richard said, the Mortgage Rescue scheme may be worth looking at:
http://forums.moneysavingexpert.com/showthread.php?t=1930931&highlight=mortgage+rescue
So speak to organisations such as Shelter, CAB etc.
As regards the mortgage and unsecured loan attached to it, if only your wife petitioned for bankruptcy, and as it is joint, then you would become liable as the solvent partner, so technically you both have that liability as a creditor.
The car should be ok, as even if it isn't for work, your wife can say she uses in the care of your daughter, which in itself is classed as a vocation(even if unpaid), so going along those lines the car would be exempt.
Hope this helps, it may be worth contacting housing on this forum as well for advice.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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robandkate
Starting Member
United Kingdom
5 Posts |
Posted - 13 January 2011 : 12:42:18
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Hi thankyou for all your advice and answers has been very helpful, i have one more question to ask thankyou for replys in advance we recieved a court date from our lender this morning and the hearing is late febuary, Me and my wife have applied for bankruptcy now and are receiving forms tomorrow going to fill them out and return to court ourselves on the following tuesday to hopefully put an end to all this and start to look forward again what i really want to know is, as our lender has pushed for court date are we still able to go bankrupt? Thank you again and this website has been a great help to us keep up the good work.
rjp |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 13 January 2011 : 14:23:55
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Hi,
even though your lender has instigated repossession proceedings, it doesn't stop you petitioning for bankruptcy, any subsequent shortfall following repossession will be claimed in the bankruptcy.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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robandkate
Starting Member
United Kingdom
5 Posts |
Posted - 14 January 2011 : 12:50:15
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Thankyou again for your time and answers, just one more question sorry to keep on, because we have a court date set for repossession hearing, will going bankrupt in effect void/nullify that court hearing? I was under the impression that it would but would please like clarity on this issue thankyou.
rjp |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 14 January 2011 : 23:05:36
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Hi Robandkate,
Petitioning for bankruptcy won't stop the repossession hearing going ahead, as the lender can excersise their security at any time if needed, they just have to inform the OR of what is happening.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 January 2011 : 11:39:07
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Hi Rob and Kate
sorry reading back on the thread is it essential for you both to go BR ?.
The mortgage rescue scheme can be an effective measure to allow you to stay in the house. it can also be a pain, i have known individuals have the arrears written off, then rent back the property, others have had a secured loan on the house transferred into an unsecure loan paying a nominal fee for life but still rent the property. saying that it is worth investigating.
good luck Richard |
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robandkate
Starting Member
United Kingdom
5 Posts |
Posted - 15 January 2011 : 12:59:13
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Hello richard and thankyou al for your time unfortunatly it seems br is only option now we are still struggling to catch up with past debts and if our lender does repossess our property we have a unsecured loan of 37k that we would still have to pay off also it looks like our daughter will need more surgery sooner than we expected so obviously work will once again have to be stopped for a while we did ask our lender if we could opt for the mortgage rescue scheme but we were told we are not eligable :(
rjp |
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Hi am hopefully looking for a bit of advice
